Halifax County commissioners this morning approved an economic development incentive package and a budget amendment as part of efforts to lure a manufacturing company to Weldon.
Both measures passed unanimously.
In making the motion to approve the budget amendment linked to the project with the code name Big Rock, Commissioner Patrick Qualls said he did so, “ … Based on thorough research and a great project for Halifax County.”
In his motion Qualls also said he based his motion on the “anticipation of wonderful things coming out of this project.”
The company in question is expected to create taxable investments in real property, machinery, and equipment of at least $200 million.
The project 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.
At a public hearing Monday the proposal drew no speakers.
The motion to approve the amendment reflects the first incentive payment of $1,875,000 in July of next year should the company decide to locate in Weldon.
The entire incentive package 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 following:
The taxable investment made by the manufacturing concern in the form of real property, machinery, and equipment
The creation of a specified number of new jobs in the county
The establishment of certain wage levels for the jobs
Maintaining a specified level of taxable investment, jobs and wages.
The resolution on the matter says the county wants the company to locate in Weldon as opposed to a location in a different state.
The fair market value of the property is $227,970.
The resolution says the board has taken into account prospective property tax and other revenues to the county over the next 10 years and that 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.