Notice of Public Hearing - Economic Development ("Dig") Incentive<div class="ExternalClassC23BA90B98584B80BADC9C1ADB1D450A"><p style="text-align:center;">​<strong>BURKE COUNTY BOARD OF COMMISSIONERS</strong></p><p style="text-align:center;"><strong>NOTICE OF PUBLIC HEARING</strong></p><p style="text-align:center;"><strong>ECONOMIC DEVELOPMENT ("DIG") INCENTIVE</strong></p><p style="text-align:justify;">Notice is hereby given in accordance with NC General Statutes Section 158-7.1, that the Burke County Board of Commissioners will hold a public hearing at 6:00 p.m. (or as soon thereafter as persons may be heard) on Tuesday, October 16, 2018, in the County Board Room located in the Burke County Services Building, 110 North Green Street, Entrance E, Morganton, NC to consider an economic development grant agreement ("DIG") for Morganton Lodging Associates, L.P. (the "Company"). </p><p style="text-align:justify;">The proposed incentive from the County is a development incentive grant ("DIG"), agreement, which would provide for reimbursement to Morganton Lodging Associates, L.P. for improvements to private property in the form of grants equal to 85% of the increase in property tax due to the increased tax base created by the Company's capital investment. The "baseline" from which the incentive is calculated would be the tax valuation as of January 1, 2018, with the initial payment being calculated based on the increase reflected by the January 1, 2020 valuation. These grants would be for a period of five (5) years.  As a condition for receipt of this grant, all taxes due must be paid timely and in full.</p><p style="text-align:justify;">The Company proposes to construct an 85-room hotel at 400 N. Green Street in Morganton, NC. The project will require an investment of approximately $13,300,000 and create about 18 FT and 8 PT new jobs.  In accordance with adopted DIG guidelines and upon completion, the County's share of the grant is estimated to be $35,658.85 per year for five (5) years. The City's share is estimated to be $38,252.22 per year for five (5) years.</p><p style="text-align:justify;">The Board of Commissioners and the Morganton City Council believe the project will stimulate economic activity, will result in the creation of additional jobs, help stabilize and increase the tax base and create additional revenues to both the City and the County. If reasonable accommodations are needed to participate, please contact the Clerk at 828-764-9350 at least 48 hours prior to the public hearing. </p></div> of Public Hearing - Economic Development ("Dig") Incentive Notice/DispForm.aspx?ID=228 | Lance Riddle | 693A30232E777C6275726B655C6C616E63652E726964646C65 i:0#.w|burke\lance.riddle10/4/2018 12:58:58 PM03358aspx8 Notice/AllItems.aspxFalse