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Golden LEAF commits $50 Million to entice automobile manufacturer to NC

Posted Sunday, February 8, 2015

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Rocky Mount, NC - The Golden LEAF Foundation Board of Directors announced that it has reserved $50 million to provide support for the location of an automobile manufacturing facility within the borders of North Carolina.

"The state is readying itself to win and host this type of manufacturing industry," said Johnathan Rhyne, Chair of the Golden LEAF Board of Directors. "The Golden LEAF Board took this action to demonstrate its commitment to this emerging opportunity. An automobile manufacturer and its suppliers can create thousands of jobs and serve as a catalyst for long-term economic advancement."

Since its inception, Golden LEAF has been committed to using the funds entrusted to it for projects with the most potential for bolstering North Carolina's long-term economy, especially in tobacco-dependent, economically distressed, and/or rural communities.

"The committed Golden LEAF funds are not earmarked for a specific site or company, but to a site that an automobile manufacturer has indicated is its preferred North Carolina location," said Dan Gerlach, Golden LEAF President. "The Foundation generally does not make a single grant of this magnitude, but recognizes the transformative potential of attracting this industry. The Board's commitment is equal to a year and a half of our current grantsmaking budget, conveying the seriousness and aggressiveness that will be required to be successful."

As a public charity, Golden LEAF funds can be used for costs associated with project needs such as public infrastructure and workforce training.

About Golden LEAF
The Golden LEAF Foundation is a nonprofit organization established in 1999 to help transform North Carolina's economy. Until 2013, the foundation received one-half of North Carolina's funds from the 1998 Master Settlement Agreement with cigarette manufacturers and places special emphasis on assisting tobacco-dependent, economically distressed and/or rural communities across the state. The Golden LEAF Foundation works in partnership with governmental entities, educational institutions, economic development organizations and nonprofits to achieve its mission. As of December 31, 2014, the foundation has awarded 1,290 grants worth over $566 million since its inception.

 
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