| Title |
Job Maintenance and Capital Development Fund (JMAC) |
| Agency |
Department of Commerce
Commerce
Finance Center
|
| Web |
http://thrivenc.com/incentives/financial/discrestionary-programs/job-maintenance-and-capital-development-fund-grants |
| Description |
The Job Maintenance and Capital Development Fund Program is a discretionary incentive program, available for projects in tier 1 counties, designed to encourage retention of significant numbers of high-paying, high-quality jobs and large-scale capital investment, to enlarge the overall tax base, and increase revenues to the State and its political subdivisions. Grant recommendations are made by the Economic Investment Committee to the Secretary of Commerce, based on a thorough review of the factors enumerated in the Criteria for Operation and Implementation of Job Maintenance and Capital Development Fund Program. |
| Grantee Eligibility |
A total of 5 grants and awards totaling $69 million may be made under the JMAC program in tier 1 counties; $60 million and two 10-year grants have already been awarded. Eligibility for these two grants required that the companies employ at least 2,000 workers and commit to invest at least $200 million in capital improvements within six years of initial expenditure. Effective July 1, 2010, eligibility was expanded to include large manufacturing employers converting their manufacturing process to change their product, that invest at least $65 million within a 3-year period, and that employ and will continue to employ at least 320 full-time workers. Annual grant payments are based on grantees¿ actual expenditures on eligible expenses related to modernization (typically, worker training). |
| Fund |
24609-2586 |
| State |
$6,000,000.00 |
| Federal |
Federal Amount not specified |
| Other |
Other Amount not specified |
| Funding Year |
FY2011-2012 |
| Keywords |
economic development, business incentives |
| Assistance |
project grants |
|