Notice is hereby given pursuant to N.C. Gen. Stat. 158-7.1 that the Transylvania County Board of Commissioners will hold a public hearing at a regular meeting on July 23, 2018 at 7:00 p.m., or as soon thereafter as the Board can consider to receive public input on a proposed incentive grant to Paragon Hotel Company.
Paragon Hotel Company is a commercial development entity who is contemplating the development of a hotel at a site in Transylvania County, NC.
Under the project as proposed, the public benefits to be derived from the capital project include a total taxable investment by Paragon Hotel Company of at least $8,000,000 in real property improvements. The project as proposed would result in the creation of 11 new jobs through 2021, at an average wage in excess of the average wage in Transylvania County for full-time employment, plus other benefits. The contemplative incentives would last for a period not to exceed 3 years. Based on the new investment, the number of new employees, and the Board’s incentive guidelines the maximum amount of incentives to be considered in this grant over the total period would a total of $98,112.00. The transaction will be detailed at the public hearing on July 23.
In addition to holding the public hearing, at this meeting the Board may approve the making of the grants as described above, or as amended, and may approve and enter into, or authorize the County to enter into, one or more economic development agreements with respect to the project.
If approved the grants would be funded through the County’s general funds. The hearing will be held during a regular meeting of the Board of Commissioners at 7:00 p.m. on Monday, July 23, 2018 in Commissioners’ Chambers at the County Administration Building located at 101 S. Broad Street, Brevard, NC. In accordance with the NC Open Meetings Law, all meetings are open to the public and the public is invited to attend and comment.