News Articles
Golden Leaf grants go toward three business-park projects in Randolph, Rockingham and Forsyth counties
December 6, 2022
Industrial-park sites being developed in Randolph and Rockingham counties and the Tanglewood Business Park project in Forsyth County have received funding help from the Golden Leaf Foundation, the organization that oversees part of the disbursement of funds received from tobacco companies in North Carolina.
The foundation’s board awarded more than $6 million in grants last week for various economic development projects. Projects receiving funding in the Triad included:
Randolph County is receiving $1 million toward extending sewer to facilitate the development of the proposed I-74 Industrial Center, 160 acres near Sophia next to the interstate.
Samet Corp. is developing the industrial center with capacity for more than 1 million square feet of space. Randolph County has an option on about 30 acres. According to the grant application, the county anticipates creation of 500 jobs paying $40,000 in annual wages could be created at the site.
Rockingham County is getting $1 million for grubbing, or vegetation removal, and rough grading at a roughly 14-acre site at the New Street industrial site in Eden.
The work is to clear and rough grade a pad to accommodate a building of 250,000 to 300,000 square feet so that the site can be more competitive in meeting the shrinking timelines of companies, according to county Director of Economic Development and Tourism Leigh Cockram.
“We are grateful to Golden Leaf for its continued support of Rockingham County's economic development efforts,” Cockram added.
The county believes will help it secure a manufacturing business that would invest $50 million and create more than 150 quality jobs, according to the grant application.
Both projects are receiving funds from the foundation’s site development funding stream for public infrastructure and clearing and rough grading on publicly owned sites that have been through a due diligence phase to show they are suitable for development.
Greater Winston-Salem Development Corp. is getting $25,500 for due diligence work for the Tanglewood Business Park that has been in the works since at least 2019. Such work can include environmental assessments, archaeological analyses, and mapping.
Source: Triad Business Journal
NC OKs incentives for Sumitomo Forestry plant in Archdale
December 6, 2022
Japanese wood-products maker Sumitomo Forestry is planning a nearly $20 million plant with 129 new jobs in Archdale, and Alamance Foods plans a $42 million expansion and 135 new jobs at its current 815-worker operation in Graham.
The North Carolina Economic Investment Committee on Tuesday morning approved incentives packages for both companies.
Sumitomo Forestry plans to build roof and floor trusses and wall panels for houses, apartments and wooden commercial buildings.
The jobs are to pay a minimum of $45,782 a year. The total investment by the company was put at $19.5 million through 2026. Because of uncertainty over supply chain, labor, construction and equipment uncertainty, it asked the N.C. Department of Commerce to consider 2024 as the first year of its five-year project.
Sumitomo Forestry also has to develop an ethics policy as required by the Department of Commerce.
The decision followed approval earlier in the fall of a local incentives package by Archdale City Council and the Randolph County Board of Commissioners. The city pays $128,000 and the county $267,000. In addition, the county would contribute $165,000 and the city $85,000 toward the extension of Roelee Street to serve as the access point to the site
Its state incentive package is valued at an anticipated $2.03 million and includes a Jobs Development Investment Grant, local-infrastructure help in the state utilities fund, community college training, rail and highway assistance through the Department of Transportation, plus a Golden Leaf Foundation grant of $645,000.
The company also considered sites in Maryland and Virginia, according to the Department of Commerce.
The project will increase the state’s economy by $308 million and net state tax revenues $6.2 million, according to Commerce estimates.
Source: Triad Business Journal