Halifax County commissioners Monday approved an amendment to the economic incentive grant agreement it struck with Roseburg South Lumber.
Halifax County Economic Development Director Cathy Scott told the board that Roseburg, which is building a $200 million lumber production facility in Weldon, requested the amendment based on an additional $30 million taxable investment it plans to make in the form of machinery and equipment.
Last July the company announced it was going to build the facility in Weldon and create 137 new jobs.
The economic development agreement the board originally approved was for $6,240,360 over a 10-year period.
Approval of the amendment increased the 10-year incentive grant to $7,115,880. There were no speakers during a public hearing on the matter.
Scott said, “All the payments are conditioned upon a level of taxable investment to be made by the company in the form of real property, machinery and equipment and, of course, as always, there are contingencies upon job creation as well. All of this is specified by the company maintaining certain levels of investment and jobs over that 10-year period.”
Said Scott: “The board believes that this project, this additional investment will support the requirements by the general statutes and that it could increase the population, increase the taxable property, business prospects of the county and stimulate our local economy.”
Under the amended agreement the county agreed to pay or has paid the company the following:
$1,875,000 which was paid on July 10, 2021
$1,875,000 which was paid this July 10
$775,104 to be paid on July 10, 2023
$657,593 to be paid on July 10, 2024
$490,083 to be paid on July 10, 2025
$422,573 to be paid on July 10, 2026
$335,064 to be paid on July 10, 2027
$278,796 to be paid on July 10, 2028
$242,531 to be paid on July 10, 2029
$144,136 to be paid on July 10, 2030
Total payments: $7,115,880
To obtain and retain the incentives the company must have a total ad valorem taxable investment of not less than the following:
Year 1 — $100 million
Year 2 — $213,900,000
Year 3 — $210,800,000
Year 4 — $196,900,000
Year 5 — $181,400,000
Year 6 — $165,100,000
Year 7 — $147,600,000
Year 8 — $129,600,000
Year 9 — $111,900,000
Year 10 — $103,300,000
For the purposes of the EDA, year 1 is considered to be 2024 but may be extended to calendar year 2025 for reasonable delays. If year 1 is later than calendar year 2024 and is not extended by mutual consent the agreement is considered null and void and any payments made to the company are to be reimbursed to the county.