The Vance County Board of Commissioners on Monday approved putting up more than $43,000 in matching funds as part of an economic incentive package for a company that recently announced its plans to locate in Triangle North Campus near I-85 and Poplar Creek Road in Vance County.
The commissioners’ meeting included a public hearing about the proposed incentives; no members of the public spoke either for or against the plan, which was presented by Vance County Economic Development Director Ferdinand Rouse.
“Project Pinpoint” involves a commitment from Syntec Precision Technology Corp. within five years of locating in the county to invest $10 million in business personal property and create 61 new full-time jobs, with an average salary of just over $46,000.
In support of this investment, Vance County is considering offering several incentives, according to information in the agenda packet:
- Vance County tax incentive grant based on taxes paid for business
personal property, not to exceed $166,390.86; - $200,000 Building Reuse Grant with a required $10,000 Vance County match; and
- $100,000 One NC grant with a required match of $33,333.33 Vance County match.
The matching grants come from N.C. Department of Commerce. The arrival of this company is expected to stimulate significant investment in the local economy, generate new jobs with competitive wages, and foster economic growth and development opportunities for the county.
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