Major Investments Approved to Boost Rural North Carolina’s Infrastructure
The potential for economic growth in rural areas is being bolstered as North Carolina’s Rural Infrastructure Authority (RIA) has given the nod to four key grants. These grants, amounting to $1,890,000, are expected to pave the way for the creation of 67 jobs while stimulating over $15.5 million in private investment.
“When we strengthen rural communities, we strengthen North Carolina,” remarked Governor Josh Stein during the announcement of these infrastructure grants, emphasizing their role in enhancing the state’s business-friendly reputation. These grants are part of a broader strategy to distribute high-quality jobs across North Carolina’s diverse regions.
The RIA, backed by the North Carolina Department of Commerce’s rural economic development team, evaluates funding applications from local governments. The funding is drawn from an array of specialized grant and loan programs managed by N.C. Commerce’s Rural Economic Development Division, headed by Assistant Secretary for Rural Development Kenny Flowers. The funds are used for infrastructure advancements, as well as building projects such as renovation, expansion, and site improvements.
Lee Lilley, the N.C. Commerce Secretary, noted, “From the mountains to the coast and parts in between, North Carolina’s rural areas provide excellent opportunities for businesses to succeed.” He highlighted the importance of these grants in partnering with local communities for essential economic investment.
Specific Grant Allocations for Economic Growth
Among the approved funding, three grants fall under the Building Reuse Program, specifically targeting the Vacant Building Category:
- Madison County: A $100,000 grant facilitates the transformation of a 95,000-square-foot building in Hot Springs for Advanced BioGas Systems. This renewable energy company, focused on landfill gas capture, aims to create 14 jobs with an investment of $2,889,384.
- Randolph County: A $230,000 grant supports the adaptation of a 14,700-square-foot building in Asheboro for Gillespie Precast, LLC. This company will produce custom precast concrete products, creating 39 jobs and committing to an investment of $10,047,500. The grant specifically underpins 29 jobs and $5,144,500 of this investment.
- Vance County: A $200,000 grant is set to assist Syntec Precision Technology Corporation in establishing its first U.S. branch in an 83,000-square-foot building in Henderson. This project is projected to create 34 new jobs and attract $8 million in private investment, with the grant being directly tied to 24 jobs and $7,556,193 of this investment.
The Building Reuse Program supports the renovation of unused buildings, expansion of existing company premises, and development of healthcare facilities aiming to create jobs in economically challenged areas.
Additionally, the RIA approved a significant grant from the Industrial Development Fund – Utility Account:
- Town of Swansboro (Onslow County): A $1,360,000 grant will support the completion of essential infrastructure, including roads and utilities, in a 47-acre industrial park.
The Industrial Development Fund – Utility Account aims to fund public infrastructure projects in the 80 most distressed counties, enabling job creation through the state’s Job Development Investment Grant program’s funding pipeline.
The N.C. Rural Infrastructure Authority, with its 17 voting members appointed by state officials, not only approves funding but also shapes policies for these economic initiatives. For further insights, visit the Rural Economic Development Division’s webpage.
—
Read the Full Press Release Here About This
Read More North Carolina News
