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Consider a "STEP 3" Economic Development Incentive Grant for SellEthics Marketing Group, Inc. (Project ETHICS) in an Amount not to Exceed $374,000 over a Five-Year Period
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INFORMATION CONTACT:
Ron Mahle, Monroe-Union County Economic Development Commission, Interim Director, 704-282-5780
ACTION REQUESTED:
1) Award a "STEP 3" Economic Development Incentive Grant in an amount not to exceed $374,000 over a five-year period and 2) authorize the County Manager to negotiate and execute an agreement substantially consistent with this agenda item.
PRIOR BOARD ACTIONS:
November 4, 2024, Regular Meeting, Agenda Item # 24-752 - Conducted Public Hearing.
BACKGROUND:
SellEthics Marketing Group, Inc., is requesting an Economic Development Incentive Grant in support of the construction of a new office building and the purchase and installation of related equipment at a location in Stallings, NC (Union County). The "STEP 3" Economic Development Incentive Grant (Grant Factor of 2.20%) is in an amount not to exceed $374,000 over a five-year period beginning in FY 2027.
The company is considering the construction of a new office building and purchase and installation of related equipment with a potential value totaling $17,000,000.
Based on the anticipated capital investment, it is proposed that the Board award a "STEP 3" Economic Development Incentive Grant in an amount not to exceed $374,000 paid over a five-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 total investment of $17,000,000 in new construction and related 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 taxabl...
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