Rural Counties in North Carolina 85 Rural Counties Rural (density of fewer than 200/sq mile)
Announcing $100 million Clean Water Partners Grants $38.5 million Jobs & Economic Stimulus Funds $138.5 million
$38.5 million in Jobs & Economic Stimulus Funds $15 million Economic Infrastructure Water & Sewer Funds $13.7 million Economic Innovation Grants $6 million Building Reuse and Restoration Grants $3.8 million Rural Venture Fund
ECONOMIC INFRASTRUCTURE Water & Sewer Grants Purpose Description Eligibility Applications: first come, first served
Economic Innovations Investments Community Innovations Economic Stimulus Small Towns Economic Prosperity (STEP)
COMMUNITY INNOVATIONS Grants Purpose Description Eligibility Applications: 12/17/07 & 2/22/08 Awards: February 07 & April 08
ECONOMIC STIMULUS Grants Purpose Description Eligibility Applications: 12/17/07 & 2/22/08 Awards: February 07 & April 08
SMALL TOWN ECONOMIC PROSPERITY Grants Purpose Description Eligibility Applications: 2/15/08 Awards: April 08
BUILDING REUSE & RESTORATION Grants Purpose Description Eligibility Applications: 12/17/07 & 2/22/08 Awards: February 07 & April 08
RURAL VENTURE FUND Loans & Investments Purpose Description Eligibility Applications: First come, first served
Expected Results $100 Million Clean Water Funds Over 200 communities served 200+ million dollars leveraged Moratoria SOC lifted Crises water interventions
Expected Results $38.5 Million Jobs & Economic Stimulus 148 business expansions 4,875 jobs created $155 million leveraged 200 communities assisted
Clean Water Partnership Funds at Work Rocky Mount
USDA $100 million in additional loans for North Carolina
Building Reuse and Restoration Grants Program State-funded since 2005 Response to massive economic transition Focus on small, rural towns
Building Reuse and Restoration Grants Program 2004-05 jobs $1.9 m 700 2005-06 $2.5 m jobs 1098 2006-07 $3.2 m 1567 jobs
Building Reuse and Restoration Grants Program Development grants Pre-development grants
Grant Amount and Match Development max. grant $400,000 Pre-development max grant $25,000 At least one new job must locate in building for every $10K in grant funds. (average to date= $2,500/job) Grants matched by at least an equal amount of private and public funds. Local governments apply, must provide at least 3% of grant amount as cash match
Application Guidelines Eligible applicants: units of local government in 85 rural counties or in a distressed urban county (designated Tier 1 by NC Department of Commerce) Partnerships with nonprofits and other agencies are allowed (and encouraged). Grant funds invested as a deferred, forgivable loan to the developer, building owner or business. Applications must have commitments from businesses to create jobs.
Application Guidelines (continued) Businesses commit to create jobs within 24 months of grant award. Buildings must be vacant for at least 6 months prior to application. Partially occupied buildings NOT considered for funding.
Application Guidelines Renovation must begin within 6 months of grant award. Renovation should be complete within 1 year. Grantee must allow Rural Center to verify compliance with grant agreement. Grantees subject to state audit and reporting requirements.
Application Requirements Application Form Must be completed and signed by government s chief elected official Proposal Narrative Exhibits
Project Budget Detailed line item budget for renovations and upfitting Detailed cost estimates, scope of work Source of funds for each line item Local government match source Describe how and when other funds will be committed and used
Examples Lillian Mill City of Albemarle CDBG- Urban Revitalization grant ($1 million) Historic tax credits ($3.8 million private equity) Rural Center ($150,000) 90 jobs (40 net new) Ice River Springs Water Company Burke County Private equity $ 500,000 Rural Center $ 200,000 38 jobs
Lillian Mills
Hookerton
Cliffside
Cliffside
Critical Points Local ownership of the project Assemble a strong development team, all on same page on the project Letters of Commitment (not intent) Program is Asset Based (not incentive based) Business and local contacts Realistic construction timeframe and detailed Scope of Work. May undertake Brownfield activity, with solid job commitment Overall Economic impact of the project in the community
For more information: Contact Bill McNeil (919) 250-4314 bmcneil@ncruralcenter.org www.ncruralcenter.org/reuse/index.html