BOLIVIA, N.C. – The Brunswick County Board of Commissioners unanimously approved multiple agreements and a budget amendment during the regular July 6 meeting to support Pacon Manufacturing Corporation’s efforts to apply for grants that will support job creation and building reuse efforts over the next few years.
“Attracting stable, private-sector jobs to Brunswick County is one of our top priorities, and this is a step in the right direction,” Chairman Frank Williams said. “I’m excited to welcome Pacon to Brunswick County, and I commend Bill Early, Kevin Lackey and the team at Brunswick Business and Industry Development for their diligence in working to complete this project.”
Pacon Manufacturing Corporation is a New Jersey-based company that is relocating its manufacturing business to the former US Marine Building in Navassa to support the company’s anticipated manufacturing and warehousing needs as it continues to grow.
“Relocating a business from one state to another is a complex process that requires a lot of time, effort and consideration,” said Bill Early, Brunswick Business and Industry Development Executive Director. “Brunswick Business and Industry Development worked hand-in-hand with Pacon to help them navigate the process of making Brunswick County their new home. We are pleased with the level of support provided by our County and State leadership, and we stand ready to work with other industries who may be interested in our business-friendly climate and high quality of life.”
The commissioners unanimously agreed to provide a local incentive grant totaling $300,000 to satisfy the local match requirements for both the One NC Grant and Rural Development Building Reuse Grant. The Board considered and approved the following agreements that will ultimately support Pacon Manufacturing receiving $1.3 million in combined incentives based on meeting certain performance requirements as explained below:
- One NC Grant and Company Performance Agreement: Under this agreement, Pacon Manufacturing must create 269 jobs by April 5, 2024, and have a local match of $300,000 to be eligible for the full $300,000 state grant.
- Rural Development Building Reuse Grant Agreement: This proposed grant application is to request $700,000 from the North Carolina Department of Commerce Rural Development to offset the costs of facility improvements required for Pacon Manufacturing to use the existing building. The local matching funds for the One NC Grant mentioned above also satisfy the local matching requirement of $35,000 for the Rural Development Building Reuse Grant.
- Local Incentive Agreement with Pacon Manufacturing Company: This agreements provides a $300,000 total payment from Brunswick County designed to induce Pacon Manufacturing to provide and maintain the required performance commitment levels of full-time employees and direct investment in plant, property and equipment.
- Amended and Restated Rural Economic Development Loan Agreement and Legally Binding Commitment with Quality Drive Partners Holdings, LLC (Landlord) and Pacon Manufacturing Corporation (Owner-Tenant): This amended agreement allows Pacon Manufacturing Company (Tenant) to receive the $700,000 Building Reuse Grant and the Owner-Tenant specifically acknowledges and agrees that it must repay the Amended Loan in accordance with the terms of this Amended Legally Binding Commitment including the Amended Loan if Owner-Tenant does not create and maintain the new jobs required.
For more information about Brunswick Business and Industry Development, visit https://brunswickbid.com.