On Nov. 19, The Albemarle Commission approved a loan of $50,000 to Stiletto Manufacturing Inc. to build and sell sailboats and operate a sailing school in Columbia.

A stipulation of the loan is that Stiletto will create and maintain at least five jobs.

“We all want to see Mr. Phillips succeed in establishing Stiletto in Tyrrell County,” said Leroy Spivey, chairman of the county board of commissioners, in an interview Friday.

He added that Jay Phillips, president of Stiletto, is to meet with the commissioners on December 1.

Stiletto’s loan application for $100,000 was disapproved by the Albemarle Commission’s Revolving Loan Committee, and officials in both the Town of Columbia and Tyrrell County sprang to Stiletto’s support in letters to the commission in late October.

The loan committee revisited Stiletto’s application and approved a $50,000 loan with stipulations, which the Albemarle Commission approved unanimously on November 19, Spivey said.

The Columbia Board of Aldermen is also aiding Stiletto’s start-up plans. The town has filed a pre-application for a Building Renovation and Reuse grant, which, if the state Department of Commerce approves, could mean funding in February for up to $10,000 for each job Stiletto creates, explained town manager Rhett White. These jobs would be in addition to those established through the loan.

The Tyrrell County Board of Commissioners held a 55-minute closed session about personnel and economic development on October 20. The board returned to open session with no report, but then, after no recorded discussion, the commissioners directed that a letter be sent to the Albemarle Commission.

Commissioners Nina Griswell and Larry Hill voted against sending the letter.

Chairman Spivey wrote that the board by majority vote “expressed its support for the endeavors of representatives of Stiletto Manufacturing Inc. to establish a boat manufacturing facility and sailing school in Tyrrell County. The Board specifically endorses the potential for the creation of new jobs as well as the overall economic development and tax base impacts of such a project.”

On November 13, Phillips stated that the $50,000 loan “will give the company the needed operating capital to start preparing the factory for production, finish the research and development process and allow for the creation of five new jobs in Columbia.”

Phillips explained that the loan “is the catalyst needed to lock in Columbia as the permanent long term international headquarters.  In addition to the waterfront building and highway visibility, regional economic incentives, only available in a Tier 1 County, were a large reason for selecting Columbia to do business.”

The “factory” is to be located on the former Shipwreck Cargo property in Columbia, between the U.S. Highway 64 bridge and Town of Columbia offices and storage buildings, adjacent to the Scuppernong River, and across South Water Street from Yadkin Bank and the Tyrrell County Office Building.

“Once funded, Stiletto Manufacturing will immediately start renovations on the building, in preparation for building the new boats after the New Year,” Phillips stated. “Planned improvements include executive offices in the second floor, including a board room overlooking the bridge and large conference room in the middle of the upstairs, surrounded by six large office suites. First floor improvements include dividing up the space into a five-stage production and assembly line.”

“Plans are still in the works for acquiring the County [Flair] Building at 810 U.S. 64 so that the company can expand eventually into multiple production lines and different models of the Stiletto Catamaran,” Phillips wrote in his news release.

“Long terms plans are for the Water Street location to be the International Headquarters for Stiletto and the home base for “The Foiling School” which will teach high performance catamaran sailing and foiling, the only place in the world right now where six-passenger boats will be offered as a place to ‘Fly Your First Boat,’” Phillips stated.

Stiletto has finished its design concept, Phillips wrote. “Once funds are dispersed from the Albemarle Commission, final engineering of the product will go to the lead Americas Cup design firm, Morrelli and Melvin, in California. High-temperature molds are scheduled to start being built in February and the first boats hopefully in early March. The Production objective is to design an affordable high performance product that can be produced at a rate of one boat per week or 40-50 boats per year.”

The Stiletto X-Series will be marketed internationally, Phillips concluded. “One of our first big clients is looking to enter the new boat in the Race to Alaska in June 2016. International print advertising and news stories will start coming out next month.”