TO: Mayor and Members of City Council
THRU: Jay Reinstein, Assistant City Manager
FROM: Cynthia Blot, Economic & Community Development Director
Tracey Broyles, Budget & Evaluation Director
DATE: February 12, 2018
RE:
Title
Adoption of Budget Ordinance Amendment 2018-14 and Special Revenue Fund Project Ordinance 2018-14 for a Rural Economic Development Grant for Kinlaws Rentals LLC, from the North Carolina Department of Commerce
end
COUNCIL DISTRICT(S):
Council District(s)
2
b
Relationship To Strategic Plan:
Goal II: Diverse & Viable Local Economy
Objective C: To leverage partnerships for job creation and retention
Executive Summary:
The City of Fayetteville has been awarded a $110,000 Rural Economic Development Grant from the North Carolina Department of Commerce (NC DOC) for a building reuse loan for Kinlaws Rentals LLC. Kinlaws Rentals LLC will undertake substantial renovations of its property at 1802 Sapona Road, Fayetteville, NC 28312, and in turn, guarantee creation of 11 new full-time jobs. The grant requires that the City provide a 5%, or $5,500, cash match for the project.
Budget Ordinance Amendment (BOA) 2018-14 will appropriate $5,500 from General Fund fund balance to provide the required matching funds. Special Revenue Project Ordinance (SRO) 2018-14 will appropriate $110,000 of grant proceeds and the City's $5,500 match for the project. At least $220,000 of qualified project expenditures will have to be made by Kinlaws Rental LLC to qualify for the funding.
Background:
The Building Reuse Program, under the Rural Grants/Programs Section of the North Carolina Department of Commerce, provides grants to local governments. Three categories of funding are available for 1) the renovation of vacant buildings, 2) the renovation or expansion of a building occupied by an existing North Carolina company wishing to expand in their current location and 3) the renovation, expansion or construction of health care entities that w...
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