Commissioners approve incentive grants
The Davidson County Board of Commissioners unanimously approved three economic incentive grants during the public hearing segment of its regular meeting Tuesday.
Between the trio of projects -- referred to as Projects TWB, Seal and Plastic -- the county will invest a total of $31,600 over the span of five years to bring no fewer than 186 manufacturing jobs to the Triad.
“These projects would stimulate the economy, increase the county tax base and increase tax revenues,” said Ed Jordan, vice president of the Davidson County Economic Development Commission.
According to the terms of the agreement, Project Seal must create and maintain 36 full-time employment positions with a yearly salary equal to or greater than the county average within the first 36 months of the agreement. Projects Plastic and TWB are required to create and maintain 50 and 100, respectively, over the same period of time.
Fair Grove resident Barney W. Hill, who was the lone citizen to speak at the public hearing, offered approval for the three incentive grants.
“I can’t remember when we last had three projects at once,” Hill said.
The company represented in Project Seal will invest $7 million in total improvements in plant machinery and equipment, while Davidson County agrees to make five annual payments equal to .0027 times the company’s investment. The county’s commitment is not to exceed $18,900 per year.
The terms of the grant for Project TWB dictate the company will invest $2.2 million, with the county responsible for providing five years’ payments worth no more than $6,000 a year. For Project Plastic, the company is investing $2.5 million, and the county’s investment is capped at $6,750 annually.
In other business Tuesday, the meeting schedule for commissioners was amended. The board’s next meeting will take place at 8 a.m. July 17, an informational meeting originally planned for July 10. This occasion will likely be when the board announces the replacement for Commissioner Billy Joe Kepley, who died June 7 of an apparent heart attack.
Staff Writer Daniel Kennedy can be reached at 847-9911, or at email@example.com.