Halifax County commissioners will meet Tuesday morning to consider economic development incentives for a project coded Big Rock which is expected to create taxable investments in real property, machinery, and equipment of at least $200 million.
The project, according to a resolution on the matter introduced by county Economic Development Director Cathy Scott, is linked to a manufacturing concern which is expected to create 137 permanent jobs with an average wage of $51,000 per year.
The land for the project is at 1710 Watkins Drive in Weldon which formerly housed Easter Seals.
The proposal drew no speakers at a public hearing this morning. Commissioners will meet again Tuesday at 9:30 a.m. to consider the incentive package.
The incentive package at issue is worth $6,240,360 which would be paid in annual grants over 10 years.
Payment of the grant to the company would be conditional upon the taxable investment made by the manufacturing concern in the form of real property, machinery, and equipment as well as the creation of a specified number of new jobs in the county, the establishment of certain wage levels for the jobs, and maintaining a specified level of taxable investment, jobs and wages.
According to the resolution, the county wants the company to locate here as opposed to a location in a different state.
State law specifies that counties can make appropriations and expenditures for economic development purposes as well as convey real property as an incentive.
State law also allows a county to engage in site preparations for industrial properties.
The fair market value of the property is $227,970.
“ … As part of the consideration for this conveyance, the board has taken into account prospective property tax and other revenues to the county over the next 10 years,” the resolution says. “The county will contractually bind the company to make certain ad valorem taxable investments over the five-year period following the conveyance that will generate the property tax and other revenues taken into account at arriving at the consideration.”
There is a clause in the resolution that provides for reconveyance of the property should the company fail to make the required taxable investments and levels set forth in the proposed economic development agreement.
The resolution calls for the county to pay for the relocation of a sewer line as part of the site improvements at a cost not to exceed $500,000. The anticipated source of the funding will be a grant from the North Carolina Department of Commerce.
The resolution also requires the county to spend funds for demolition of certain structures as part of the site improvements at a cost not more than $500,000.
The anticipated source of this funding is a $150,000 grant from the commerce department and a $350,000 grant from the Golden Leaf Foundation.
The company has requested a four-party agreement between it, the town of Weldon, Halifax Business Horizons and the county.
If approved Tuesday, the county would convey to the company the approximately 2.10 acres of land at the site.