title
Public Hearing for Economic Development Incentive Project Emerald
presenter
Presenter: City Manager Johnnie Taylor
summary
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Summary:
The City of Lexington has received a request through The Economic Development Partnership of North Carolina (EDPNC) to provide an economic development incentive grant for Project Emerald pursuant to North Carolina General Statute §158-7.1. Key provisions of the proposed economic development incentive as are follows:
The City of Lexington proposes to appropriate and expend city funds for the following economic development project pursuant to North Carolina General Statute 158-7.1. The City intends to consider entering into an economic development incentive grant agreement (“Agreement”) with Project Emerald:
If this grant is approved, the Company will invest a minimum of ($1,000,000,000.00) dollars over five years. The Company will create at least 450 full-time jobs in Lexington, Davidson County, North Carolina with an average hourly wage in excess of the County average.
Project Emerald will be entitled to a grant not to exceed 0.00325 times the total of the Company’s investment in plant, machinery, and equipment, subject to depreciation, provided the Company meets the requirements of the Agreement as to investment, jobs, and wages. The incentive grant will be paid annually for a period of seven (7) years. A relocation incentive is also being offered. If the company provides more than 450 jobs the relocation incentive will apply. Once activated, the relocation incentive would apply to all qualifying employees who establish a new primary residence within Lexington's corporate limits during the grant period.
The Lexington City Council believes the foregoing incentive grant will stimulate the local economy, accommodate economic growth, increase the City tax base and revenues, and result in the creation of new and permanent jobs in the City, and will promote the general welfare of the City and its residents. The Lexington City Council intends, subject to public comment at the public hearing for which notice is given, to approve the economic development incentive grant agreement and said appropriation.
On October 26, 2026, the governing board unanimously approved Resolution 2026-033, a Resolution of Support for Project Emerald. Additionally, the governing board called for a public hearing to be held Monday, November 9, 2026, the Lexington City Council will hold a public hearing at 6:00 p.m. Council Chambers are located at City Centre, room 119, located at 200 North State Street, Lexington, North Carolina 27292, to receive input on the City’s proposed appropriation and expenditure of funds for this grant as set forth in this notice. As a result of the public hearing, substantial changes might be made in the advertised proposal reflecting objections, debate, and discussions at this hearing.
A draft of the proposed economic development incentive contract will be considered at a later date and time after due notice.
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Recommendation:
recommendation
Hold public hearing on proposed economic development incentive grant for Project Emerald pursuant to North Carolina General Statute §158-7.1.