Futures Fund

The Wake Forest Futures Fund originated from the sale of the Schrader/Parker-Hannifin site on Wake Union Church Road. 

After Wake Forest College left for Winston-Salem in 1956, Wake Forest town leaders were anxious to find new sources of jobs. In 1964 they successfully lured Schrader Bros., a firm producing hydraulic equipment, to Wake Forest.

Town commissioners established the Industrial Development Corporation (IDC) to sell bonds, buy a portion of the former Jenkins farm, build a manufacturing plant and lease it to Schrader for rent that paid off the bonds in 20 years.

However, in 1984 the town board refused to take ownership of the property, preferring instead to continue receiving the property tax. As a result, the IDC continued to own the property until 2006 when local developer Jim Adams and his company, St. Ives 220 Commercial LLC, purchased the 30.5 acres for $2.9 million. 

After fees and claims, the IDC received $2.2 million which it contributed to the town in 2009.