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New company slated to create 96 jobs

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BY AMELIA HARPER
Staff Writer

Tuesday, July 16, 2019

Nash County commissioners met Monday afternoon to hold a public hearing and to unanimously approve an economic development inducement agreement designed to help draw in a new business to Rocky Mount that that should provide for a minimum of 96 good-paying jobs within the first three years.

The name of the company has not yet been released. The agreement refers to the entity as “Project Tire,” though the company does not have any connection to tires, Nash County manager Zee Lamb said Monday.

“The company will in the food storage warehouse distribution and transportation business,” Nash County attorney Vince Durham said. “This company will promise to provide over a three-year period 96 jobs to the local economy: 32 jobs at the end of the first year, 59 at the end of the second year and 96 by the end of the third year. The average annual wage will be $52,292.”

The inducement agreement was drawn up between the unknown company, the city of Rocky Mount, the Carolinas Gateway Partnership and Nash County but has yet to be approved by the other parties involved, Durham said. Once the agreement is approved by all parties, Gov. Roy Cooper is expected to announce more details about the project, including the name of the company.

“We hope that the governor schedules the announcement soon,” Krista Ikert, vice president of the Carolinas Gateway Partnership, said at the meeting.

Once approved, the company will operate at 3051 North Church St., in the former Meadowbrook meat freezer building, Nash County Board of Commissioners chairman Robbie Davis said.

The company is also expected to install machinery, equipment and other real and personal improvements on the project site that will be subject to ad valorem taxes by the city of Rocky Mount and Nash County with a non-depreciated capital investment of $4.7 million.

As an inducement to the company, both Nash County and the city of Rocky Mount will rebate 50 percent of the taxes paid by the company in the previous year for three years, if the conditions of the contract are met. The agreement provides a stipulation for reducing that repayment of taxes if employees are not hired at the rate and amount outlined.

In addition, the Carolinas Gateway Partnership agrees to pay roughly $70,000 in the form of three equal annual grants of $23,333.33 each.

No comments were made during the public hearing portion of the meeting.