Increase in Port of Virginia Traffic Would Benefit Currituck County

A proposed effort by Virginia Governor Bob McDonnell to increase traffic at the Port of Virginia could have long-lasting positive economic impacts on Hampton Roads business and Currituck County.  The port has struggled to recover from the recession and increased competition along the East Coast has forced the government to step in and look for alternatives. The port is very necessary to Hampton Roads business, accounting for over 10% of the entire region’s Gross Domestic Product (GDP).

Governor McDonnell’s plan to increase traffic is already underway as he has made changes to the Virginia Port Authority Board of Directors. McDonnell would also like to privatize the port and Virginia has already received three proposals from private businesses to operate the facilities. Government officials say brining in a private company to run the port because the current practice of recruiting shipping lines, while helping overall traffic growth, creates fewer jobs than the impact of new distribution centers that a private company would bring in. Currituck County officials also note that a private company would better streamline the port’s operations and better solicit new cargo.

What can help the port and Currituck County and Hampton Roads business is the port has advantages over its competition. The Port of Virginia has no overhead obstructions like bridges which will allow for more efficient cargo delivery than other ports in the Northeast and Southeast.

Currituck County and Hampton Roads business could benefit from private management of the port because maritime and port related industries are high target industries for Currituck County. Currituck County also has the direct rail, highway, and waterway access to the Port of Virginia and Hampton Roads Business. Currituck County also has available warehousing and manufacturing sites available for increased services to Hampton Roads business and the port.

Because Currituck County has a lower tax rate than what Hampton Roads business pay, Currituck County officials also say because Currituck is only approximately 30 miles from the port, the growth at the port will grow the industry in the county and provide jobs and a positive economic impact for county residents.

Expansion of ports and the need for ports to handle larger shipping vessels is a result of the expansion of the Panama Canal, which was a plan approved by the Panamanian’s in 2006 and is expected to double the capacity of the Panama Canal by 2014.

In early September the deadline for proposals from bidders on the Port of Virginia was pushed back to November 1, however the selection date for a preferred proposer has been left open-ended. 

For more Contact:

Think Currituck 

P153 Courthouse Road, Suite 207

Currituck, NC 27929

Phone:             252-232-6015      

http://www.thinkcurrituck.com/

Hyde County Bid to Host Drone Site Could Impact Currituck County

North Carolina is known for being “first in flight,” and Currituck County hopes that the state will also be “first in drones.” Currituck County officials are hopeful Hyde County is successful in its bid to become North Carolina’s first approved drone aircraft launching site.

Hyde County recently submitted a bid to host drones, or unmanned aircraft, launches at Hyde’s remote airport along highway 264. Currituck North Carolina hopes Hyde County is successful because the boom in the aviation and defense industries is expected. This would allow Currituck County officials to recruit contractors and companies to locate to Currituck North Carolina.

Currituck County also has a current defense-contractor industry, with companies like National Technology Associates and Cutting Edge Tactical, to name a few located in Currituck North Carolina. Currituck County officials say that opportunities for synergy and growth exist at the COA Regional Aviation and Tech Training Center and Currituck County Regional Airport.

The drones for the military would be tested in Hyde County, which is south of Currituck County in Eastern North Carolina. North Carolina’s Division of Aviation is seeking a permit to create a 3-mile long testing area at the airport. Currituck North Carolina and surrounding areas are expected to see a boost in the economies of the respected counties if this plan is approved.

As part of the project, Elizabeth City State University, near Currituck County, would expand its engineering program to include designing and building remotely piloted aircraft. Currituck County officials say programs like this will further help raise Currituck North Carolina’s profile in the aviation and defense industries.

If approved, North Carolina would become the first state on the East Coast with a testing site. The FAA will choose six sites to test the drones. It is expected that private companies and academic researchers will also be able to test unmanned aircraft at the site. Researches expect that the testing area could encourage research and development worth billions of dollars. This research boosts the belief among Currituck County leaders that approval of the site is vital to the region’s long aviation history. There are currently no timetables set for approval. Counties in Maryland and Virginia are also being considered.

For more Contact:

Think Currituck 

P153 Courthouse Road, Suite 207

Currituck, NC 27929

Phone:             252-232-6015      

http://www.thinkcurrituck.com/

Currituck Economic Development Shows How Business Incentives Can Help Your Company

From all indications the economy looks to be on the mend, at least for many of the businesses on the Eastern Seaboard which includes Currituck, North Carolina. There are new developments in many areas of Currituck County and the local government knows the best way to keep that development growing is by giving them good reasons to come.  Luckily there are several great business incentive programs that are already in place to offer anyone who wants to establish a new business, expand their present one or relocate from their current location to Currituck, North Carolina. 

Work Force Expansion - Job Development Investment Grants

This is a program that is run by the State of North Carolina. The Currituck Economic Development Agency can assist companies who are interested in this discretionary incentive program through their network of business centers throughout Currituck County. This program can assist businesses that are looking to relocate to currituck north carolina or expand, if they meet the following criteria:

•     They are looking to increase employment and the local opportunity for employment.

•     Their plans will help to strengthen the state’s economy.

•     Their plans for relocation or expansion are within the economic development goals of North Carolina and Currituck County.

•     This relocation or expansion will be competitive with another state or county.

•     They can show how this grant is necessary for their expansion in Currituck, North Carolina or relocation.

There are some additional guidelines that companies interested in expanding their current Currituck, North Carolina business or relocating to currituck co will need to adhere to, but the Currituck County Redevelopment Agency can work with these businesses to help them become and stay compliant for the grant program.

Structural Improvements - One North Carolina Fund

This is a one-time grant to Currituck, North Carolina companies that are considering expanding or businesses relocating to Currituck, North Carolina to make their business more competitive with other companies outside of North Carolina. For industries that are considered high quality, value added and knowledge-driven enterprises, this grant can create an opportunity to expand on their current physical location in Currituck, North Carolina and cover a significant portion of the following:

•     Purchasing and/or installing new equipment

•     Renovations to existing Currituck, North Carolina buildings including structural repairs or improvements

•     The improvement or construction of existing buildings that facilitates new or existing water, gas, sewer, or electrical distribution including lines or equipment.

There are additional program requirements including the agreement to an average wage test and Currituck County Economic Development Agency will work with the businesses to arrange matching funds from the county.

Housing – Community Development Block Grants

For developers considering low and moderate income housing in Currituck, North Carolina, The Department of Housing and Urban Development (HUD) provides, through the state of North Carolina, funding to enhance the vitality of communities through affordable housing. These block grants are primarily awarded to local governments in areas that are either cities with a population under 50,000 or counties with a population under 200,000. Currituck County falls easily within these parameters. Currituck, North Carolina projects are funded under the following categories:

•     North Carolina Catalyst – for the development of low and moderate income housing

•     Economic Development – for creating and retaining jobs

•     Scattered Site Housing –  for addressing critical needs of very low-income housing

•     Small Business Entrepreneurial Assistance – for struggling small local businesses

•     Neighborhood Stabilization – assisting repurchase and/or redevelop foreclosed homes

Since these funds are handled at the county and city level, the Currituck County Economic Development Agency will work directly with Currituck, North Carolina businesses interested in developing projects that fall under these block grants.

Other Opportunities

In addition to these larger business incentives programs, Currituck County Development Agency can assist Currituck, North Carolina businesses in discovering more about how custom workforce training programs through our local college and training facilities can help you meet your workforce needs. In addition, Currituck North Carolina offers several machinery and equipment tax credit programs as well as sales and use tax relief for those that qualify. 

These kinds of programs offer the chance for existing and new Currituck, North Carolina businesses to expand or relocate here in Currituck County, and can offset the investments it takes in both real and personal property. Currituck County Redevelopment Agency can help your business to find the program that will assist you the most to stay competitive, strong and growing here in beautiful Currituck County, North Carolina.

For more Contact:

Think Currituck 

P153 Courthouse Road, Suite 207

Currituck, NC 27929

Phone: 252-232-6015

http://www.thinkcurrituck.com/