Henderson, N.C. – The Kerr-Tar Hub project has received an $800,000 state grant to help purchase property for its new industrial parks.
The grant was one of 11 grants totaling $10 million made to government and nonprofit entities by the North Carolina Department of Commerce for local and regional economic development projects. Recipients were chosen from among 79 applicants for funds from the 2006 Economic Development Reserve, a one-time allocation set aside by the N.C. General Assembly last year to boost development throughout the state.
“The applications we received constituted a lot of hard work by the project sponsors documenting worthy proposals,” said N.C. Commerce Secretary Jim Fain. “We considered each of them carefully and the projects announced today represent promising efforts to address state, regional and local economic needs.”
“We're delighted that the state continues to show such strong support for our economic development project,” said Danny Wright, chairman of the Kerr-Tar Regional Economic Development Corporation (KTREDC), the nonprofit organization formed to own and develop the Hub. “We expect the Kerr-Tar Hub to provide a significant boost to our region's economy and help our citizens participate in the innovative economy of the greater Research Triangle Region and the state.”
The Kerr-Tar Hub is an unprecedented multi-county effort to enable the four rural N.C. counties of Franklin, Granville, Vance and Warren to create a network of specialized industrial parks to attract new investment and create jobs. The Hub's leadership is in the process of developing a business plan for the KTREDC, acquiring land and creating marketing and land use plans.
The Reserve fund was created by the General Assembly as part of the 2006 budget to provide a source of funding for governments and nonprofits seeking to implement local economic development projects or acquire land for economic development purposes.
The Reserve award is the latest state grant received by the Hub project. Last year, the Hub received a $4 million grant from the General Assembly for the purchase of property, site development and infrastructure. The N.C. Department of Transportation granted $400,000 to each of the four participating counties to develop entryways, turn lanes and signage for the Hub parks.
To date, the Kerr-Tar Hub project has attracted $6.2 million in grants from government agencies and private foundations, including Golden LEAF, Kerr-Tar Workforce Development Board, N.C. Department of Commerce, U.S. Department of Commerce Economic Development Administration, North Carolina Rural Economic Development Center, N.C. General Assembly and the N.C. Department of Transportation.