Saturday's Internet Edition, May 17, 2008.
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An approximate investment of $300,000 from the county and $200,000 from the town, each from general revenue funds, was approved unanimously.
Avgol is an Israeli based company that acquired Unifi Nonwovens in Mocksville in June 2001, and has performed expansions in 2004 and 2005 at this factory, according to the Avgol website.
To acquire the incentives Avgol must construct a 45,000 square foot addition to its existing plant at a cost of at least $25 million and create 25 to 40 new jobs.
The way the incentive amount is determined, according to Bralley, is 2% of the $25 million (the county gives 60% and the town gives 40%).
The investment is expected to be returned to the county and town in tax revenue derived from the project within three years, according to Bralley.
The incentive money will only be paid once construction is complete and the jobs are created, Bralley told county and town commissioners.
This will be Avgol’s third expansion on the Davie facility, according to Bralley ... subscribe to the Davie County Enterprise Record, P.O. Box 99, Mocksville, N.C. 27028.