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COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAJ4 <br /> .ECONOMIC DEVELOPMENT PRO~ECTS <br /> <br />, Objective . .-:.- <br /> <br />Stimulate the location and expansion or preservation of industrial plants throughout <br />North Carolina, providing expanded job opportunities primarily benefiting low and <br />moderate income persons. <br /> <br /> Form of Assistance <br /> <br /> Grants to counties and ~.)unicipalities for the pu~-pose of: <br /> <br /> (1) construction of public facilities (i.e. water and sewer <br /> lines) needed to service a new or expanded industry, or <br /> (2) providing loans at below market interest rates to induce -'-'" ~- <br /> or make feasible industrial plant development/expansion. <br /> <br /> E1 igible Participants <br /> <br /> Companies and corporations desiring to develop within the sponsoring jurisdiction. <br /> <br /> Terms and Limitations --. <br /> <br /> -$750,000 maximum 100% gran. t to jurisdiction, all of which ' <br /> can be loaned to a company or corporation. . - ..... '- : ' <br /> -To be competitive the application needs to leverage 5 ' ':" <br /> private or other public dollars for every 1 CDBG dollar <br /> spent. <br /> -There should be I new job created for every $7,50D in <br /> CDBG funds expended. <br /> -Eighty percent of new or retained jobs mist benefit <br /> persons classified as being low and moderate income. <br /> -Must be able to say except for the provision of the <br /> CDBG loan/grant the project would not take place. <br /> -Loans can not be used as operating capital, but <br /> otherwise can be used for acquisition, construction <br /> and long term financing of equipment and/or for <br /> facilities. <br /> <br /> Contact Person <br /> <br />Th~nas B. Nobinson, Planning Director <br /> Cabarrus County Planning Depar~ent <br /> P.O. Box 707 <br /> Concord, North Carolina 28025 <br /> <br /> (704) 7B$-9217 <br /> <br /> <br />