Discretionary grant corresponding to a percentage of ad valorem taxes generated by a project, value based upon number of jobs created, wages and taxable investment. Can be utilized by new and expanding companies.
Project must be competitive with locations outside the county and considering investment of at least $1.5 million dollars in new real or business personal property.
Helps recruit and expand quality jobs in high value-added, knowledge-driven industries. It also provides financial assistance to those businesses or industries deemed vital to a healthy economy that are making significant efforts to expand in North Carolina. The fund is designed to increase the state’s competitiveness.
Project must be competitive with locations outside of North Carolina, meet county wage test and include local match.
A discretionary incentive that provides sustained annual grants to new and expanding businesses measured against a percentage of withholding taxes paid by new employees.
The project must result in a net increase in employment, increases opportunities for employment and strengthen the state’s economy, must be consistent with the economic development goals of the state and of the area in which it is located, is competitive with another state(s) or country and the grant is necessary for the completion of the project in North Carolina.
Grants may be used for water and sewer, natural gas and broadband. In addition, grants at a reduced amount may be used for road access, rail spurs, storm water, water storage tanks and wastewater pre-treatment facilities.
Projects must create private sector jobs in a new or expanding business served by infrastructure.