November 1 Commissioners Meeting Public Hearing – Proposed Economic Development Incentive Grant

A public hearing was held at the November 1 Commissioners meeting to discuss a proposed economic development incentive grant. See the main points below:

A) A company proposes to develop and build a 100,000+/- square foot spec building and develop, build, and equip 32,488.56 square feet of the spec building for manufacturing facilities off Hwy 70 in the Wilson’s Mills township of Johnston County. The company has proposed the development in Johnston County in exchange for certain economic incentives in the form of annual cash grants paid from general County funds over a five-year period beginning after required investments have been made and new jobs have been created and a lease for the unused spec space as described in (B) below…

B) Johnston County proposes to participate in the cost of an economic development project through a lease of 68,886.31 square feet of a newly constructed spec building off Hwy 70 in the Wilson’s Mills Township of Johnston County. The Johnston County Board of Commissioners intend to pay up to eleven thousand four hundred eighty-one and 05/100ths dollars ($11,481.05) per month, for a lease of a spec building, for up to twenty-four (24) months for a maximum total not to exceed two hundred seventy-five thousand five hundred forty five and 20/100th dollars ($275,545.20) to be paid with revenues from the Johnston County general fund. The spec building will be used to entice new business to come to Johnston County or to expand existing business in Johnston County, for site visits and events, to market Johnston County as a whole, until it is sold or leased to an end user. The project will increase the tax base, stimulate the local economy, create jobs, encourage business and industry to locate in the County, and will promote business in the County.