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Public Hearing - Step 4 Economic Development Incentive Grant Request to Confidential Company (Project Seven)
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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 Economic Development Department requests the consideration of a Step 4 Economic Development Incentive Grant in an amount not-to-exceed $4,860,000 paid over a 7-year period beginning in FY 2028.
Conversations with Confidential Company began in early 2025 regarding the possible location in Union County of a $200 Million advanced manufacturing facility. Capital investment includes the construction of new buildings and the purchase and installation of sophisticated manufacturing equipment.
The name of the confidential company will be announced upon the award of potential economic development grants from the State of North Carolina.
Based on the anticipated capital investment, it is proposed that the Board award a Step 4 Economic Development Incentive Grant in an amount-not-to-exceed $4,860,000 paid over a 7-year period beginning in FY 2028. 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 $200,000,000 in new construction and the installation of related processing equipment over the grant period, but not less than $2,000,000. Based on its projected investment in Union County, the current tax rate, and assuming a consistent assessed value with no depreciation, the company will pay estimated ad valorem taxes on the new taxable investment in the amount of $6,078,800 over the grant period. Actual tax revenue for the County will be based on the assessed value of the investment each year by the Union County Tax Administration Office and will vary each year depending upon the North Carolina Department of Revenue depreciati...
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