Commissioners approve revised agreement for local company’s expansion
SALISBURY — The Rowan County commissioners on Monday night voted to approve a revised incentive agreement for an unnamed business expansion known as “Project Special.”
The company behind Project Special is an existing employer that is considering Salisbury for a potential expansion that will create jobs and increase the county’s tax base, according to the Rowan County Economic Development Commission. And the chances are good that Rowan will land the project, according to EDC Vice President Scott Shelton.
“If the state approves this grant on Thursday, the company will select Rowan County,” Shelton said. “The state will likely announce this project on Thursday, maybe Friday.”
Developers of the project originally proposed the creation of 35 jobs and an $18 million capital investment.
The project now proposes the creation of 30 jobs with an $11.75 million capital investment.
The Board of Commissioners previously approved a Level 1 incentive grant for the business at a meeting in April.
“Back in April, I brought this to the commission and requested an incentive and the board was very gracious in granting those incentives,” Shelton said.
The company expects to complete primary construction on the property by the end of 2020, Shelton said.
During the five-year incentive period, the county would collect about $333,680 in revenue and provide incentive grants totaling $250,261.
Rowan County would retain $83,419 of new tax revenue during the incentive term.
According to a plan patterned with a 10-year outlook, the county would stand to collect an estimated $654,213, disburse a $250,262 grant and retain an estimated $403,952 in new revenue.
The state grant in question would include as much as $300,000 in Building Reuse Grant funds to help pay for improvements to the company’s existing facility.
The commissioners approved a resolution applying for the Building Reuse Grant at their Aug. 5 meeting. The grant, which Shelton said is likely to be formally approved by the state Rural Infrastructure Authority on Thursday, requires a 5% local match of $15,000.
According to the EDC, by awarding a Level 1 incentive grant, the county will then satisfy the local match requirement.
“For today, I’d like to request that the commissioners approve this revised incentive agreement,” Shelton said.
The public was provided the opportunity to comment on “Project Special” during a hearing immediately following Shelton’s proposal. No comments were made.
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