$30,000 to expanding businesses provided in Macon
Macon County commissioners have agreed to provide $30,000 toward an economic development project that promises to create 35 new jobs at an existing local business.
Commissioners discussed the proposed incentive during a closed session on May 31 before the board unanimously approved the contribution. Even though it’s an existing business, Commission Chairman Kevin Corbin said they couldn’t release the name of the company until the paperwork was completed.
Corbin did say that it was a high-tech business looking to expand into the former SKF building at the Macon County Industrial Park. The facility includes 72,000-square feet of space for the expansion plans.
“The business would be adding and estimated 35 jobs to the local economy at $48,000 per job,” Corbin said. “That average wage would create $1.7 million in additional payroll in the county.”
After discussing details and running some numbers with Tommy Jenkins, Macon’s economic development director, Corbin said the county would benefit from additional property tax on the currently abandoned building. The company also plans to investment in new equipment.
“We’d get our money back in two years,” Corbin said, and that’s not counting the trickle down benefits to the local economy.
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The company, dubbed “Project Tech,” is applying for a $120,000 grant from the North Carolina Department of Commerce but it requires $30,000 in matching funds from the county.
Jenkins said the $30,000 was a one-time commitment and the contract with “Project Tech” for incentive money includes a claw back provision, which would allow the county to recoup its investment should the company fail to meet its obligations. The $30,000 will come out of the county’s contingency fund — money set aside each year but not earmarked for specific projects.
“I feel certain after talking to this company and looking at their track record this would be great for our county,” Corbin said.
If the economic development project works out as planned, Corbin said he would be able to report even more good news for the county’s economy.
“There’s another situation coming about because of that move but that’s all I can say,” Corbin said. “It’s going to be a double whammy when all is said and done so we can help another company expand.”
Details regarding economic development projects are often exempt from the open record and open meeting laws — meaning government bodies can negotiate and discuss the matter in private before making a decision. Incentives given to companies are then released to the public after both parties sign a contract.
