P-3 Revolving Loan Spec Building Program

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Organization:

County of Catawba

Amount:

400000

Program Area:

Community-Based Grants Initiative

County of Applicant:

Catawba

Year:

04/01/2021

Description:

This award provides funding to Catawba County to establish a county-wide, self-perpetuating, revolving loan program to support public-private partnerships in developing speculative buildings within the county. The program centers around a model of shared risk in which both private (landowners and developers) and public sector (county and municipality) partners maintain some investment in the project as a way of discouraging stranded investment, differentiating it from conventional spec building programs driven by the public sector. The county has used this model to develop spec buildings in the past with all of those buildings being sold. Initially, two speculative buildings will be constructed in five years through this project and are expected to result in $14 million invested in private property, plant, and equipment, and 50 new full-time jobs with an average salary of $48,000. Golden LEAF funding will provide funding for loans to local government entities, if needed, to assist with the interest carrying cost, general insurance, and utilities until the building is sold but for no longer than 36 months.

Contact:

Ms. Mary S. Furtado
PO Box 389
Newton, 
North Carolina 
28658 
(828) 465-8262