Council to consider incentive grant for $17.6 million business expansion
By Jessica Coates
SALISBURY – An existing company — the identity of which has not yet been revealed — has been working with Rowan Works to come to an agreement that could bring a $17.6 million investment to Salisbury.
The Salisbury City Council, at their Tuesday meeting, will have the chance to weigh in on whether that expansion should take place.
The expansion project, known for now as “Project Metallic/Project Aero,” would entail the existing company investing $17.6 million in the form of new construction and new equipment.
That investment would lead to an approximate tax revenue increase of $1,248,896 for the city over the next 10 years.
The grant that the expansion project qualifies for, which is based on how much the investment would increase the city’s tax base, would require the city to contribute approximately $468,336 over the course of five years.
A Rowan Works report estimated that, once the city’s contribution was subtracted from the total amount of increased tax revenue, the city would earn approximately $780,560 over the next 10 years.
The expansion would also retain the company’s existing 14 jobs and create 24 new jobs in Salisbury that would pay an average salary of $50,000.
“We are optimistic that, with your support, this project will reach a successful conclusion,” Rowan Works Vice President of Operations Scott Shelton said in a letter to the council, “creating new employment and expanding the nonresidential tax base in Salisbury.”
At the Tuesday meeting, the council will receive a presentation on the possible expansion and hold a public hearing to solicit citizen reaction.
They will then consider whether to approve the incentive grant that would allow the expansion to take place.
Even if the council approves the incentive grant, the Salisbury company might not be chosen for expansion. Facilities owned by the company’s parent corporation in Pennsylvania and Nevada are also being considered for the project. The project is also being considered for a tax incentive package from Rowan County.
Other items on the council’s agenda include:
- Awarding a contract to Sonny Development to construct sidewalks along Bringle Ferry Road.
Sonny Development offered the lowest price – $300,000 – for the necessary construction.
The sidewalk will run from Long Street to Newsome Road.
The Council will meet at 5 p.m. Tuesday in the council chambers located at City Hall – 217 S. Main St.
Contact reporter Jessica Coates at 704-797-4222.
By Josh Bergeron firstname.lastname@example.org SALISBURY — Rowan County commissioners on Tuesday will consider a five-year, $400,000 tax incentives deal for a local... read more