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A Fast Track funding proposal and payment in lieu of taxes (PILOT or PILT) plan that would help facilitate a $3 million investment by C&S Plastics is advancing.
Members of the Fayetteville/Lincoln County Industrial Development Board (FLCIDB) have given the proposal their approval, and now it heads to the Lincoln County Commission and Fayetteville Board of Mayor and Aldermen for their consideration.
According to plans, the C&S expansion would add 30,000 to 40,000 square feet in manufacturing space to its Fayetteville facility located in the joint city/county industrial park on the Winchester Highway. The expansion is expected to result in 75 new jobs paying an average wage of $17 per hour.
The company currently employs 137 people at its existing 87,000-square-foot plant where injected molded parts are made. The company is a tier-two supplier to the automotive industry, currently serving M-Tek, CKNA, TS-Tech, Tenneplas, and Suzuki with domestic and export products for Nissan, Honda, Isuzu, Ford, and Mazda.
The funding proposal would represent a $441,632 savings for the company, with $385,089, or 87 percent, coming from the state by way of a grant, provided that the city and county assist with the remaining 13 percent. That 13 percent amounts to $28,771 from each the city and county’s governing entities, for a total local match of $57,542.
The Board of Mayor and Aldermen is expected to consider its share of the match during its regular session this week, while the Lincoln County Commission is expected to act on its portion next week.