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Iredell County approves performance-based incentive for Project Ascend (Kozlowski Advanced Manufacturing)
Summary
The board voted to award a performance-based economic development grant of up to $235,468 over five years to support Kozlowski Advanced Manufacturing’s planned $23 million equipment investment and job growth under Project Ascend.
The Iredell County Board of Commissioners approved a performance-based economic development incentive for Project Ascend, an expansion at Kozlowski Advanced Manufacturing LLC (CAM).
During a public hearing, Iredell County Economic Development Corporation staff presented the request. The company plans about $23 million in new tangible personal property investment by Dec. 31, 2027, including additional 3D printing and CNC machining capacity. The project is expected to retain 43 jobs and add up to 20 new jobs with average salaries above the county wage, according to the presentation.
The Economic Development Corporation requested a grant from the county of up to $235,468, calculated as 50% of the actual increase in tangible personal property tax value resulting from the investment and payable over five years. The grant is performance-based and will be paid only after the company meets the terms of the contract and demonstrates the investment and job metrics.
During the presentation, staff acknowledged an earlier advertising error that listed a higher incentive amount; they said the correct figures were in the board packet and in the offer letter to the company. No members of the public signed up to speak during the hearing. Vice Chair Neider moved to approve the incentive; the motion carried on a voice vote.
