Title:
Public Hearing: Business Investment Program Grant - Barrday Corporation
Summary
ACTION:
1) Open public hearing to receive comments on a proposed Business Investment Program grant to Barrday Corporation;
2) Close public hearing; and
3) Adopt a resolution approving a Business Investment Program grant to Barrday Corporation for a total estimated amount of $54,186 and authorize the County Manager to negotiate and execute the contract
Staff Contact: Peter Zeiler, Director, Economic Development
Presentation: Yes
BACKGROUND/JUSTIFICATION:
Barrday Corporation is a leading advanced material solutions manufacturer currently headquartered in Ontario, Canada. Barrday has had a presence in Mecklenburg County since 2000 and employs 110 people.
Barrday Corporation products can be found in range of applications from defense to aerospace to energy production. The company’s product lines include:
Fiber reinforcements
Coatings, Adhesives and Sealants
Pre-pregnated and laminated fabrics
Barrday Corporation has developed advancements in unidirectional (UD) products that has allowed them to expand hard and soft armor applications. Barrday is seeking to expand its UD capability and capacity to meet growing demand. The expansion would add four new production units to increase UD output by 65%
UD process line with R&D capability
3 lamination units
Physical space expansion and renovation to accommodate.
Barrday Corporation has announced its intent to locate the UD expansion in Charlotte. Barrday Corporation also considered locating the investment in a facility located in Valkenswaard, Netherlands.
Barrday Corporation’s proposed project meets all the following grant guidelines for a five-year existing industry Business Investment Grant, specifically:
- A taxable investment of $3,490,000 to be completed in the next three years
- Creation of 25 new jobs with an average wage of $43,896 (which includes 19 textile knitting operator positions at 129% of th...
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