c070714 IV Project KickoffClosed Session IV (Project Kickoff) July 7, 2014
At 8:00 p.m., the Board, already in closed session on another matter, began closed session on
a different matter relating to the location or expansion of business in the area, pursuant to NCGS
143-318.11(a)(4). Commissioners Holmes, Frye, Kemp, Lanier and Haywood were present. Also
present were County Manager Richard Wells; Will Massie, Assistant County Manager/Finance
Officer; County Attorney Ben Morgan; Aimee Scotton, Associate County Attorney; Amanda
Varner, Deputy Clerk to the Board; Dana Crisco, Interim Deputy Clerk; Bonnie Renfro,
Randolph County EDC President and Kevin Franklin, EDC Existing Industry and Business
Coordinator.
Bonnie Renfro, EDC President, informed the Board that Technimark is considering a two-
phase expansion to meet increased customer demand and create new manufacturing and
distribution capacity for new projects.
Phase One Phase two Totals
Technimark Investment $ 13,030,000 $ 39,700,000 $ 52,730,000
Jobs Created 72 179 251
Ms. Renfro stated that the average wage of the jobs being created would be $28,725-$31,228.
Phase One includes construction of a new 10,000 square foot addition, producing a combined
revenue to the City of Asheboro and Randolph County over a five-year period of $516,179.
Phase Two includes construction of an 180,000 square foot facility on a 14 -acre site on Central
Avenue near the former JH Allen office, with estimated combined revenues over five years of
$1,748,230. The property is owned by related parties and some of the investment in equipment,
such as molds and tooling, would all be subject to property taxes.
Ms. Renfro said that Greensboro is a competitive location and the company owns an
industrial facility there, which a tenant is vacating, but they prefer to keep everything near the
Asheboro facility and located at a rail served facility.
She said that Technimark had been purchased by a private -equity group, The Pritzger Group,
in which the management team and family of founder Don Wellington invested alongside the
Pritzer Group, will continue to lead the company.
Ms. Renfro presented the calculated incentives as follows: $258,091 over five years for
Phase One and $874,114 over five years for Phase Two. Ms. Renfro has proposed the total
incentives grant of $1,132,205, given over a seven-year period, and shared 50/50 with the City of
Asheboro in the amount of $566,102.50 each.
The Board expressed interest in this project and the consensus was for Ms. Renfro to continue
with the project.
At 8:10 p.m., closed session ended on this topic.
J. Harold Holmes, Chairman Darrell L. Frye
Kemp
Stan Haywoo
Arnold Lanier Amanda Varner, Deputy Clerk to the Board