Notice of Public Hearing: Proposed Public - Private Economic Development Partnership | Eastern North Carolina Now

    News Release:

Beaufort County Board of Commissioners and Beaufort County Committee of 100

    On March 6, 2017 at 5:30P, or soon thereafter, the Beaufort County Board of Commissioners (County) will hold a public hearing to receive public comments on a proposed public-private economic development partnership with the Beaufort County Committee of 100 (C-100). The purpose of the partnership is to construct an industry-ready building on lot #2 in the Washington-Beaufort County Industrial Park (Park) in order to increase business prospects in the Park. The County and the C-100 propose to create and be members of a Limited Liability Corporation (LLC) that will construct the building. The County and the City of Washington (City) jointly own the Park. The County's share is 55% and the City's share is 45%. The County has previously approved purchasing the City's interest in lot #2 (5.507 acres at $7,000 per acre) for $17,347.05. The County proposes to contribute the entire interest of Lot #2 ($38,549) to the LLC and up to $77,653 for project costs. The maximum County contribution for project costs to the LLC will be no more than $35,000 in any one fiscal year. The C-100 will contribute $200,000 to the LLC and will obtain and guarantee a loan for the remaining project costs. The County will not be liable for this loan. The County and the C-100 will share in the profits of a sale or lease of the building based on their ownership percentages at that time. The County intends to use general fund revenues as its source of funding for this project.

    Contact: Katie M. Mosher, CMC, NCCCC
          Clerk to the Board, Beaufort County, Administrative Assistant to the County Manager

     (252) 946-0079, Ext. 110  •  Katie.Mosher@co.beaufort.nc.us