In a pivotal meeting held at the Wake County government building, officials gathered to discuss a significant business development grant agreement with Coriolis Pharma, a contract research and development company based in Germany. The atmosphere was charged with anticipation as Assistant County Manager Michael James presented the details of the agreement, which marks a major step for the company as it establishes its North American headquarters in Morrisville.

Coriolis Pharma, known for its work in drug product development, plans to invest nearly $11 million in the Morrisville area, creating 50 high-paying jobs with average salaries exceeding $150,000. The project will also enhance local capabilities in lab storage and manufacturing services, further solidifying the Triangle Region's reputation as a hub for life sciences.

The grant agreement is structured to incentivize Coriolis Pharma's investment, requiring a minimum increase of $5 million in assessed tax valuation and the creation of at least 35 new jobs. If these criteria are met, the county will provide a five-year incentive based on 35% of the new property tax revenue generated. This initiative is part of Wake County's broader strategy to attract high-quality employers and foster economic growth.

Moreover, Coriolis Pharma has committed to participating in the county's upward mobility bonus program, which emphasizes non-discrimination policies, affordable health insurance, and additional support for employees in areas such as education and childcare. This commitment reflects the company's dedication to not only economic development but also social responsibility.

Following the presentation, a public hearing was held, but no comments were received from the community. The Board of Commissioners unanimously approved the grant agreement, signaling strong support for the project and excitement about the opportunities it will bring to the region.

As Wake County continues to attract innovative companies like Coriolis Pharma, the future looks bright for local economic development, promising new jobs and enhanced community resources.