$500K grant to help yacht maker create 50 jobs
Friday, February 22, 2019
EDENTON — The state has awarded the town of Edenton a $500,000 grant to help a local yacht maker renovate its 38,000-square-foot plant and create 50 new jobs.
The North Carolina Rural Infrastructure Authority announced Thursday that Edenton will receive the grant through the Building Reuse program to assist Daedalus Composites, a yacht design, engineering and manufacturing company, in renovating its existing plant at the town’s airport park at 109 Anchors Way Drive.
Daedalus, which specializes in thermoformed carbon fiber composites, plans to invest $1.1 million in the renovation project, according to a press release from N.C. Commerce Secretary Anthony M. Copeland.
The grant was one of 11 totaling $4.1 million the RIA awarded to local governments in the state on Thursday. Six of those grants were for projects using Building Reuse program funds.
A Daedalus spokesman wasn’t available to speak about the grant Thursday.
Edenton Mayor Roland Vaughan, however, said the town was “thrilled to get the good news” the grant had been awarded and that Daedalus will be creating 50 new jobs in Chowan County.
“It was truly a collaborative effort with the town, county and the Edenton Chowan Partnership sticking together and working with the Department of Commerce to get the grant approved,” he said. “(Founder) Michael Reardon and his Daedalus team are committed to Edenton and we are delighted we could assist them in getting the grant approved.”
According to Commerce officials, the RIA grants will help create a total of 153 new jobs and spur more than $69 million in private investment in rural communities like Edenton.
“With the projects approved today, rural areas of North Carolina have new resources to help attract jobs, support business expansion and prepare sites for future development,” Assistant Commerce Secretary Kenny Flowers said. “The Rural Economic Development Division at Commerce and the Rural Infrastructure Authority work closely with leaders in rural communities to facilitate opportunities for economic growth.”