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The purpose of this grant is to assist Davie County with its efforts to encourage Ashley Furniture Industries, Inc. (the ‘Company’) to locate in the County. The Company will create 550 new jobs by the end of 2014 at an average annual wage of $26,435, plus benefits including at least one half of the cost of employee-only health insurance. The Company will also invest approximately $80 million in real and personal property. The Company also considered South Carolina and Virginia for this project. The new manufacturing and distribution facility would be located in a former R.J. Reynolds stemmery plant. Golden LEAF funds will be used to purchase equipment that will be leased at a fair market rate to the Company.