The City of Thomasville, North Carolina will be holding a public hearing on Jan 21, 2014 to consider approving incentives for a manufacturing company that wants to relocate to Thomasville in Davidson County.
The company, identified in official documents only as Project Bart, is planning to invest $25 million for the facility, equipment and machinery.
The agreement does mention that Project Bart is a North Carolina corporation which has applied for economic assistance in connection with the costs of relocating and/or constructing a manufacturing facility in Davidson County.
As per the proposed five-year agreements with the City of Thomasville and Davidson County, the company needs to fulfill its capital investment commitments, and also needs to create and maintain at least 50 new full-time jobs that provide wages that are equal to or more than the prevailing county wage.
The Davidson County Board of Commissioners has already approved an incentives package for Project Bart that equals .0027 times the company’s proposed investment. The incentives will be paid out as five annual cash payments of up to $67,500 each, adding up to a total of no more than $337,500 over the five-year agreement period.
The county plans to source these payments through available funds in the County’s General Fund or Economic Development Fund.
The City of Thomasville is now considering a nearly identical package of its own that works out to .0028 times the company’s investment. That’s about no more than $70,000 annually for five years, adding up to a maximum total of $350,000.
No mention of state incentives for Project Bart is made in the city and county documents.
In their public hearing notices for Project Bart, the Thomasville City Council and the Davidson County Board of Commissioners both say they believe this grant will stimulate the local economy, increase the City’s tax base and revenues, result in the creation of new employment opportunities in the City, and promote the welfare of citizens of the City and County.