Reuel incentive package on agenda for Tuesday's commission meeting
By Matthew Whittle
Published in News on October 15, 2007 1:46 PM
The Wayne County Board of Commissioners will hold two public hearings Tuesday on the proposed incentive package for Reuel Inc.
The first -- a routine one that involves no county money -- is for the commissioners to authorize the Wayne County Industrial Facilities and Pollution Control Financing Authority the ability to allow Reuel to apply for a $3.5 million bond package to finance the acquisition, construction and equipping of a new 33,000-square-foot facility on West Dewey Road in Goldsboro, Wayne County Development Alliance President Joanna Thompson explained.
The company is expanding after the purchase of the Traction Power Division of Impulse Manufacturing, which formerly was in Mount Olive.
Aiding in that expansion is a $100,000 One North Carolina Fund grant from Gov. Mike Easley's office. A statement released by his office, explained that the grant was given to Reuel because there were several companies outside the state pursuing Impulse Manufacturing.
As part of that package, there is a required 100 percent local match.
Both Wayne County and Goldsboro are expected to pay half -- the reason for the second public hearing.
Also included in that second hearing is another proposal for the county to give Reuel three grants of up to $50,000 each -- one in each of the years 2009, 2010 and 2011. The funds would come from the taxes paid by the company on the new real and personal property resulting from the expansion.
In exchange for the incentives, Reuel is expected to provide at least 50 jobs over those three years.
County Manager Lee Smith said they decided to participate in the One North Carolina grant and offer the additional three grants to ensure that Reuel remained in Goldsboro.
"They had expansion opportunities elsewhere," he said. "We kept those jobs here."
Both public hearings are scheduled for 9:15 a.m.
Goldsboro also is expected to hold public hearings on the same incentive package at 7 p.m. on Oct. 22.
Also Tuesday, the commissioners are expected to finish discussions on the Wayne County Comprehensive Plan as they try to decide what their priorities are heading into the next fiscal year.