Toyota buys in: $22 million investment planned in Rowan County
Toyota Racing Development now officially owns the 89-acre Cline site on Peach Orchard Road.
The closing was completed Friday afternoon less than two weeks after the Rowan County Board of Commissioners approved $519,000 in incentives for the company which plans a $22 million investment.
Toyota plans to build a 35,000-square-foot facility that will house Toyota Racing Development’s NASCAR competition group as well as chassis engineering operations.
The facility will employ between 40 and 50 people with an average annual wage of $70,000. Construction is expected to begin later this year with a completion date in late 2008.
“It’s been a long process,” said Randy Harrell, executive director of the Salisbury-Rowan Economic Development Commission.
Harrell said he will visit Toyota Racing Development’s headquarters outside Los Angles later this year.
And the Economic Development Commission will host a welcome celebration later this year.
Toyota paid the Cline family slightly more than $23,000 per acre for the property. An inflation clause built into the contract allowed the price increase annually by the consumer price index.
Harrell said he is working to secure some grants from the state to assist in the Toyota project.
Toyota officials have said they plan to use between 40 to 50 acres of the property and sell the remainder.
Harrell said he expects land clearing operations will start by spring.