Plans for an automotive parts factory in Botetourt County advanced Tuesday with several steps by the board of supervisors.
In a unanimous vote, the board authorized the transfer of $2 million in state grant money to the county’s Economic Development Authority, which will next turn the funds over to Eldor Corp. of Italy.
The money is part of an incentives package tied to Eldor’s promise to invest $75 million to build its first North American production plant in the county’s Greenfield industrial park, creating up to 350 jobs over the next four years.
Botetourt County received the $2 million from the state’s Commonwealth’s Opportunity Fund not long after Eldor announced its plans nearly a year ago. The county waited until plans for the high-tech factory were further along before releasing the funds.
