SALISBURY – The Rowan County Board of Commissioners agreed today to offer an incentive grant to a proposed project that could create 148 jobs in the county.
Hitachi Metals of China Grove is considering a joint venture that would call for a $71.6 million investment at its plant off N.C. 152.
Hitachi is the principal partner in the project. Its partners are said to be considering other sites in the United States and Asia.
At first, the company asked for a level two grant, which would equal 80 percent of the tax revenue generated by the project.
But Robert Van Geons, director of RowanWorks Economic Development, said Monday the request has changed to a level one grant for 75 percent of the tax revenue.
The joint venture would invest $42.1 million in new equipment and construction and create 92 jobs in 2013, according to a project schedule. Two years later, the schedule calls for $29.5 million more investment and 56 more jobs.
The minimum investment threshold for the level two grant is $50 million, which would be met in the second phase of the project but not the first. Level one grants only require a $5 million investment.
No one spoke during a public hearing about the incentive grant today at a special meeting of the Board of Commissioners. The board voted 3-1 to approve it.
Commissioner Jim Sides voted against the grant, saying he wants the project in Rowan County but thinks incentives are a “bad deal” for county taxpayers.
Commissioner Raymond Coltrain was absent from the meeting.
Hitachi Metals President Pat Barton thanked the board for its support, which will help the company secure funding from the state.
Read more about the proposed joint venture and the board’s discussion in Tuesday’s Post.