Beaufort County Investment Guidelines

Beaufort County establishes Economic Development Investment Policy guidelines to encourage new industries to locate and existing industries to expand within the county. Each new or expansion industrial project will be considered for investment support on a case by case basis. The Board of Commissioners adopts these guidelines pursuant to authority granted by NCGS 158-7.1.

Qualifications
  1. Project must involve a facility used for manufacturing, wholesaling, transportation, warehousing, information services, data processing.
    Other competitive projects may be considered.
  2. Capital investment for a new project of at least $1,000,000 or capital investment for expansion of an existing business of at least $300,000.
  3. Creation or retention of quality jobs paying at least 100% of the average wage in Beaufort County.
Use of Grant Funds

Funds can be used for any purpose under NCGS 158-7.1, including, but not limited to, site acquisition, site preparation, internal and external infrastructure, site improvements, job training or other purposes which increase value to the community. It is in the complete discretion of the governing bodies whether to make any economic investment grant.

Relevant Factors in Consideration of a Grant
  1. Total taxable capital in the project, including site acquisition, site improvement, building cost and equipment cost.
  2. Type, number and quality of full-time jobs created.
  3. Wage levels and benefits for jobs created.
  4. Potential for future capital expansion and increased employment.
  5. Site-specific issues that impact positively on public infrastructure expansion which will stimulate development in areas of the County, thereby benefitting overall community development.
  6. Potential for the project to attract other companies which would be suppliers to, or affiliated with, the company.
  7. Other factors which increase value in the community as determined by the Board of Commissioners on a project-by-project basis.
  8. Environmental, labor or legal issues relevant to the company’s history or proposed location.
Procedures for Investment Grant Consideration
  1. Company will negotiate the terms of grant agreement with the County’s Developer, Manager and Attorney. The Board of Commissioners has the sole discretion and authority to approve such grants.
  2. The County will conduct a financial review of the company, as necessary, to assure it can meet its performance requirements and cost/benefit analysis.
  3. A public hearing will be held regarding the proposed grant at a time agreeable to the company.
  4. The Board of Commissioners will approve the terms of the agreement by resolution and, in doing so, must specifically find that the project will benefit public interest and promote the public welfare of the citizens of Beaufort County.
  5. A grant agreement will be executed which contractually binds the County to make grants, and the company to meet the taxable capital investment, job creation and wage-level requirements, to which are mutually agreed upon. Failure of the company to meet its performance requirements will result in the recoupment of a pro rata portion of any grants given previously or a pro rata reduction of future grants.
  6. The company will provide periodic verification of its compliance with the requirements to which it has agreed.
Grant Follow-up

Each grant will be monitored and evaluated over the life of its implementation and thereafter as found useful to ensure compliance with the grant agreement and assess economic development results with the factors that were considered in approving the grant, as follows:

  1. The grant will be monitored on a timely annual basis over the life of its implementation to determine compliance with the grant agreement and identify corrective actions if unforeseen factors cause the project to fall out of compliance with the grant agreement; and
  2. The grant will be monitored over the life of the grant and thereafter as found useful to compare its economic development results with assumptions and factors that were considered in approving the grant, and identify lessons learned that can be applied to future grants.


Note: These guidelines are effective as of October 14, 2013