Item:
Title
Budget Ordinance Amendment No. 18BCC000043 to Recognize $250,000 from North Carolina Biotechnology Center for Local Economic Development Awards
Body
Date Of BOCC Meeting: June 25, 2018
Request For Board Action:
Agenda Text
The Board is requested to approve Budget Ordinance Amendment No. 18BCC000043 to recognize $250,000 from the North Carolina Biotechnology Center for Local Economic Development Awards (EDA) to be disbursed by the County. The funds are to be recognized by Durham County as the local unit of government and then awarded to Aurobindo ($100,000), Braeburn ($50,000) and Novozymes ($100,000). The NC Biotechnology Center has agreed to provide an economic development grant award though the County to incentivize companies to expand and maintain new business operations in Durham County while the disbursements of funds to the local government allows the County to maintain a direct relationship with the identified companies. The NC Biotechnology Center has three agreements in place with the County for each award and in turn the County has three agreements in place with each company to receive their award.
The North Carolina Biotechnology Center collaborates with North Carolina communities to attract life science economic development projects. Its Bioscience Industrial Development team provides industry-specific expertise and resources. The Center also supports community efforts through its Economic Development Award (EDA) Program. The EDA Program provides performance-based grants to local units of government in support of life science company projects. Grants are linked to job creation and retention milestones for specific company projects in the locality of interest. The local government administers the grant and allocates funds to the company to be used for project-related investments providing sustainable benefit to the company and community. The Center partners with both community and company to determine the appropriate use of EDA fu...
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