With three swift, unanimous votes the Vance County Board of Commissioners approved Chairman Thomas S. Hester to proceed on the next steps by the County towards helping fulfill the economic development incentives package being afforded Mako Medical Laboratories.
Chairman Hester is now authorized to execute the Golden LEAF grant agreement with Mako. The County will now appropriate an amount not to exceed $522,987 for the purchase of equipment to be leased to Mako Medical Laboratories pursuant to the Golden LEAF grant. And, the chairman can now execute an equipment lease with Mako Medical Laboratories pursuant to the Golden LEAF grant.
The meaning is Golden LEAF will grant Vance County $522,987 which Vance County will use to purchase equipment. Mako will lease that equipment from the county over a five year term at two percent interest after which Mako will own the equipment and the county will have the money back.
Vance County does not have to return the funds to Golden LEAF, yet can use it again for additional economic development as well as a very short list of other items related to things like education and science.
The stipulations from Golden LEAF, according to county officials, are that Mako achieve at least 90 percent of the agreed to number of jobs, 153, and that the average income for those jobs is around $52,000 per year.
There was a special called meeting Monday afternoon at 4 P.M. in the Commissioners’ Conference Room.
For more about the Mako announcement back on November 28, click here: Teamwork and Good People Means New Jobs in Vance.
