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Public Hearing - Consider a "STEP 2" Economic Development Incentive Grant in an amount not to exceed $133,000 over a Five-year period to Southern Electrical Equipment Company, Inc., (Project Homecoming)
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INFORMATION CONTACT:
Ron Mahle, Economic Development, Director, 980-476-5279
ACTION REQUESTED:
Conduct Public Hearing.
PRIOR BOARD ACTIONS:
None.
BACKGROUND:
The Union County Department of Economic Development started conversations with Southern Electrical Equipment Company, Inc under codename Project Homecoming in late 2024 about the potential relocation of their manufacturing operation from Mecklenburg County to an existing building located at 4862 Corporate Center Drive within the Monroe Corporate Center. The company plans to purchase the building and invest approximately $7,000,000 in building upfits and purchase and install new manufacturing equipment.
Southern Electrical Equipment Company is a manufacturer of transmission and substation equipment for the electrical utility industry and has been in business since 1920. The company currently operates manufacturing facilities in Mecklenburg County where it employs 82 people and a similar facility in Indian Trail where 28 people are employed.
The company is at capacity at both of its locations and needs a structure large enough to accommodate current and future business growth. The 109,000 SF building at 4862 Corporate Center Drive meets these needs.
Based on the anticipated capital investment, it is proposed that the Board award a STEP 2 Economic Development Incentive Grant in an amount-not-to-exceed $133,000 paid over a 5-year period beginning in FY 2027. The value of the incentive grant will be based upon appraised value each year as appraised by the Union County Tax Administration Office. This grant is based on the company's projected investment of approximately $7,000,000 in building upfit and installation of related processing equipment over the grant period, but not less than...
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