GEIC board approves first recommendation for business expansion grant News Staff Fri, 04/19/2024 - 9:21 am
- (THOMAS WALLNER | THE GRAHAM LEADER) Tyler Figg with J&N Feed and Seed presents a proposal to the Graham Economic Improvement Corporation Board of Directors during their meeting Tuesday, April 16. The board approved the company to receive a grant for business expansion.
Thomas Wallner editor@grahamleader.com
The Graham Economic Improvement Corporation passed a recommendation for City Council approval of a grant to assist J&N Feed and Seed for a major retail expansion project. If approved, the grant will be the first to utilize funding from the GEIC Business Expansion and Relocation Program.
The GEIC Board of Directors approved $30,000 for J&N Feed and Seed, with an additional $10,000 six months after completion of the project, assuming that J&N employs two additional employees.
The Business Expansion and Relocation Program was adopted by the GEIC Board of Directors in November 2023. The program provides financial incentives to enhance commercial activity and increase sales tax revenue, job creation and capital investment.
The program serves new and existing businesses and properties within the Graham city limits using grants, loans and other means in an amount exceeding $10,000.
“Anything that’s going to require GEIC contribution over $10,000, there is a process that we have to do with the public hearing, we’ll have city council approval to two or three readings and it’ll be a 60-day timeframe between the time that we post (in the newspaper) to start that 60-day period,” Assistant City Manager Grant Ingram said.
J&N Feed and Seed representative Tyler Figg spoke Tuesday, April 16 with the GEIC Board of Directors regarding the request. Figg said he was requesting $40,000, 20% of the structure cost, in funding for a proposed retail space expansion project which will include a new construction increasing square footage.
“Currently, we are sitting just under 4,000 square feet in the actual retail space of the store. What we are wanting to add is 2,300 square feet to that,” Figg said.
The total estimated cost of the project is $203,299.49 and is anticipated to add an additional two to three jobs.
Part of the grant requires that the grantee must demonstrate the creation of jobs or increase in sales tax revenue.
“J&N contributed roughly about $10,000 in sales tax directly to the GEIC and $20,000 to the city. ...Those are round numbers, and probably on the low (end),” GEIC Board of Directors Chairman Jack Graham said. “...We think this (expansion project) will increase sales. (They) are going to add (employees) and increase sales.”
Within the GEIC incentive program application, projects must be completed no more than 12 months from the approval date. The business is also required to stay at the location for no less than three years from the project completion date, with special consideration given.
Figg said the project will allow them more space to expand currently existing portions of the store while adding inventory.
“Basically, what we are going to put in there is expanding the overall hunting and outdoor section of the store,” he said. “It will have some lifestyle-type stuff in there, but I would say 90% of that type of product is taxable product. It will alleviate space in our main existing area for expansion in other places also like lawn and garden, animal health, pet (and) stuff like that.”
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