Montgomery County Commissioners will soon consider a loan of up to $3.5 million to help Wright Foods equip the expanded facility it announced recently and proposes to build in the Troy.
Notice was given Tuesday that the Commissioners will hold a public hearing Aug. 12 to receive public input on the proposal, which is an installment financing lease agreement based on grant funding from the Golden LEAF Foundation.
County Manager Matthew Woodard said that, under the plan, the county would buy the equipment and be immediately reimbursed by Golden LEAF, based on an estimated 500 new jobs and available funding of $7,000 per job. In turn, Wright Foods would repay the county in monthly installments over a seven-year period. The first year would be principal-only payments, with interest accrued, followed by principal and interest payments in years two through seven.
If Wright Foods fails to create 500 jobs, the county would have to return $7,000 for each job short of the goal, but the county’s financial liability would not exceed the amount of payments collected from Wright Foods.
Woodard said that, in the best-case scenario, the company will create the 500 jobs, and the County will get to keep the $3.5 million in payments “to use toward future economic incentive projects or infrastructure to facilitate (more) development.”
The public hearing is set for Mon., Aug. 12, at 8 a.m. in the Commissioners’ Assembly Room in Troy, and all interested persons will be heard at that time. Written comments may be submitted in advance, and information is available from County Finance Director Angela Sedberry at 910-576-4221, ext. 326.