County Commissioners Approve Loan Request for Iron Horse Industrial Site
Following a public hearing on February 21st, the Moore County Board of Commissioners agreed to loan $200,000 to Partners in Progress for further development of the Iron Horse Industrial Park in Aberdeen.
The commissioners voted to enter an Economic Development Joint Agreement with Partners in Progress who hopes to acquire a 73-acre parcel in the Iron Horse Industrial Park near N.C. 211 East. The organization is also asking the Town of Aberdeen for a loan to help cover the $584,000 land purchase.
Under the approved agreement, Moore County will accrue 4-percent interest on the loan each year, with repayment due in 15 years or “as property is sold to an industrial client.”
“I do believe this is our best industrial site in Moore County,” Natalie Hawkins, executive director of Partners in Progress, said during a previous presentation to the commissioners on Feb. 7. “I believe that this investment will benefit the taxpayers of Moore County. It will bring in additional revenues as well as stimulate employment opportunities and the overall economy as we are able to recruit clients to the site.”
In a memo to the commissioners ahead of the public hearing, Hawkins wrote that acquiring the property “will allow PIP to develop the site to make it more attractive to potential clients by shortening their development timelines.”
The Aberdeen Board of Commissioners will hold a similar public hearing before voting to lend an additional $200,000 to the organization. Town officials have so far responded favorably to the proposal, with Mayor Robbie Farrell calling the site a “gold mine” ripe for development.
(Original article by Jaymie Baxley, The Pilot)
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