Manufacturer Wants To Grow Operations
By Patrick Cronin
Hampton Union, Tuesday, November 20, 2007
[The following article is courtesy of the Hampton Union and Seacoast Online.]
HAMPTON -- The town will apply for a $500,000 Community Development Block grant that to aid Foss Manufacturing in producing its environmentally friendly non-woven material. "Foss has been a good neighbor, and we should do whatever we can to help them stay in town," Selectman Jim Workman said.
Selectmen unanimously voted Monday night to sponsor a grant application to the Community Development Finance Authority to benefit the Hampton-based company.
Community Development Block Grants are available to towns for economic development, public facility and housing rehabilitation projects and feasibility studies that primarily benefit low and moderate income persons.
Selectmen Chairman Ben Moore said the town was asked to sponsor the grant on behalf of Foss and the Coastal Economic Development Corporation.
The CEDC is a nonprofit organization that promotes economic activity, growth and job creation by providing gap financing sources, technical assistance'and helping startup businesses.
Moore said if the town receives the grant, the town will retain $17,000 for administration costs and subgrant the remaining funds to the CEDC.
The CEDC would then use the funds to loan $475,000 to Foss Manufacturing.
Foss said it would use the money along with their own to purchase new equipment to allow it to produce more products and expand its operation.
As part of the agreement, Foss will be responsible to pay back the loan to CEDC, who in return will use the money to help other businesses on the Seacoast.
The company will also create an additional 25 jobs, of which 60 percent will be available to people with low or moderate incomes.
"With economic times being the way they are and business moving out of Hampton, it's our job to support the business that are in town," Selectman Ginny Bridle-Russell.
In other business, the select-men voted to adopt a Housing and Community Development Plan and a Residential Anti-displacement and Relocation Assistance Plan.
The town adopted both plans in order to apply for a the block grant.