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PUBLIC HEARING FOR ECONOMIC DEVELOPMENT INCENTIVE PROJECT EMERALD
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Presenter: City Manager Johnnie Taylor
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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 Ci...
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