ROCKY MOUNT, NC—A non-profit organization has put the pedal to the metal and says it has reserved $50 million to provide support for efforts to entice an automobile manufacturer to build a new manufacturing facility in North Carolina.
The Board of Directors of The Golden Leaf Foundation, which was formed in 1999 and until 2013 received one-half of North Carolina's funds from the 1998 Master Settlement Agreement with cigarette manufacturers, endorsed the $50-million commitment.
"The state is readying itself to win and host this type of manufacturing industry," says Johnathan Rhyne, chair of the Golden Leaf Board of Directors. "The Golden Leaf Board took this action to demonstrate its commitment to this emerging opportunity. An automobile manufacturer and its suppliers can create thousands of jobs and serve as a catalyst for long-term economic advancement."
The organization funds projects with the most potential for bolstering North Carolina's long-term economy, especially in tobacco-dependent, economically distressed, and/or rural communities. As of Dec. 31, 2014, the foundation had awarded 1,290 grants worth more than $566 million since its inception.
"The committed Golden Leaf funds are not earmarked for a specific site or company, but to a site that an automobile manufacturer has indicated is its preferred North Carolina location," sayd Dan Gerlach, Golden Leaf president. "The foundation generally does not make a single grant of this magnitude, but recognizes the transformative potential of attracting this industry. The board's commitment is equal to a year and a half of our current grants-making budget, conveying the seriousness and aggressiveness that will be required to be successful."
North Carolina recently was rebuffed by Mercedes-Benz, which decided to relocate its US corporate headquarters from New Jersey to Atlanta. Golden Leaf's Gerlach says the Mercedes-Benz deal was for office space and the funding commitment is to lure an auto manufacturing facility to North Carolina.
According to the Triad Business Journal, sites in Randolph County, Silver City and near Rocky Mount are all pitching auto companies at the moment.
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