MONROE, N.C. — The Union County Board of Commissioners approved a significant economic development incentive grant on Monday, July 14, for the construction of a $200 million advanced manufacturing facility in unincorporated Union County.
The grant, which amounts to $4,860,000, will be distributed over a seven-year period starting in fiscal year 2028, contingent upon the company’s acceptance of the grant and the creation of at least 25 new full-time jobs.
“Union County is a sought-after location for advanced manufacturing, thanks to our highly skilled workforce, low taxes, and desirable quality of life,” said Brian Helms, Vice Chair of the Board of Commissioners.
Ron Mahle, Director of Economic Development, expressed confidence in Union County’s appeal, stating, “We are confident that Union County’s talented workforce, competitive tax rates, robust utilities, and high quality of life will make our community a compelling candidate for this potential investment agreement.”
The incentive grant’s value will be based on the property value each year as appraised by the Union County Tax Administration Office, and it will be offset by the company’s projected $200 million investment in new construction and related processing equipment.
The company is expected to pay an estimated $6 million in ad valorem taxes over the grant period, based on its projected investment and the current tax rate.
The actual tax revenue for the county will depend on the assessed value of the investment each year, which may vary according to the North Carolina Department of Revenue’s depreciation schedule and the timing of the investments.
The name of the company receiving the grant will be announced following the award of potential economic development grants from the State of North Carolina.
Union County Economic Development anticipates the company’s final location decision in the fall of 2025.
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