County recruiting company reportedly investing $ 200 million
Halifax County Commissioners will meet on Tuesday morning to consider economic development incentives for a Big Rock coded project that is expected to create taxable investments in real estate, machinery and equipment of at least $ 200 million.
The project, according to a resolution on the issue introduced by county economic development director Cathy Scott, is tied to a manufacturing company that is expected to create 137 permanent jobs with an average salary of $ 51,000 per year.
The project land is located at 1710 Watkins Drive in Weldon, which once housed the Easter Seals.
The proposal did not attract any speakers at a public hearing this morning. Commissioners will meet again on Tuesday at 9:30 a.m. to review the incentive program.
The incentive program in question amounts to $ 6,240,360, which would be paid out in the form of annual grants over 10 years.
The payment of the subsidy to the company would be conditional on the taxable investment made by the manufacturing company in the form of real estate, machinery and equipment as well as the creation of a determined number of new jobs in the county, establishing wage levels for jobs and maintaining a specified level of investment, jobs and taxable wages.
According to the resolution, the county wants the company to locate here rather than in another state.
State law specifies that counties can make credits and expenditures for the purposes of economic development as well as transfer real estate as an incentive.
State law also allows a county to engage in site preparation for industrial properties.
The fair market value of the property is $ 227,970.
ââ¦ As part of the consideration for this transfer, council took into account potential property taxes and other county revenues over the next 10 years,â the resolution says. âThe county will contractually commit the company to make certain ad valorem taxable investments during the five-year period following the divestiture which will generate the property tax and other income taken into account to arrive at the consideration. “
There is a clause in the resolution that provides for the surrender of ownership if the company fails to make the required taxable investments and levels set out in the proposed economic development agreement.
The resolution asks the county to pay for the relocation of a sewer line as part of the site improvements at a cost not to exceed $ 500,000. The anticipated source of funding will be a grant from the North Carolina Department of Commerce.
The resolution also requires the county to spend funds for the demolition of certain structures as part of the site improvements at a cost not to exceed $ 500,000.
The intended source of this funding is a $ 150,000 grant from the Department of Commerce and a $ 350,000 grant from the Golden Leaf Foundation.
The company has requested a quadripartite agreement between itself, the Town of Weldon, Halifax Business Horizons and the County.
If approved on Tuesday, the county would transfer the approximately 2.10 acres of land on the site to the company.