The Golden LEAF Foundation announced this week it was adding considerably to its investment in the Greensboro-Randolph Megasite and the first Toyota vehicle battery manufacturing plant in North America.
The Golden LEAF Board of Directors held a special meeting Monday, Dec. 6 and voted to award $40 million to the North Carolina Department of Transportation (NCDOT) for public road infrastructure to support the manufacturing facility being built by Toyota Battery Manufacturing, North Carolina, which will result in the creation of over 1,750 new jobs and an initial investment by Toyota of over $1.29 billion.
In 2016, the Golden LEAF Foundation awarded $7 million for the Greensboro-Randolph Megasite to help provide the infrastructure needed to increase site competitiveness and reduce the time needed for site development.
Golden LEAF Board of Directors Chair Don Flow said, “We are proud to be part of the public infrastructure improvements that will enable significant job creation and capital investment. This announcement is a win for the entire state.”
The $40 million from the Golden LEAF Foundation will be in addition to the $135 million provided by the North Carolina Legislature to the NCDOT for road, highway interchange and other site improvements for the Toyota battery plant.
Golden LEAF Chief Executive Officer Scott Hamilton said, “Golden LEAF is dedicated to the long-term economic advancement of North Carolina. Golden LEAF is pleased to support such a transformative project for rural, economically distressed Randolph County, the surrounding region, and the state that will have a tremendous long-term economic impact. The Golden LEAF Board of Directors made this extraordinary award of $40 million to the North Carolina Department of Transportation to ensure that there would be sufficient road infrastructure to help support the creation of 1,750 new jobs.”
The Golden LEAF Foundation was created to receive 50 percent of the annual payments made by cigarette manufacturers to North Carolina under the 1999 Master Settlement Agreement that included 46 states. It is dedicated to making meaningful economic transformations across the state.