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Board OKs phased tax grant for food‑processing expansion projected to add more than 50 jobs
Summary
Commissioners approved a multi‑year, sliding tax grant for Project Peconia (food processing) to encourage a roughly $20 million planned additional investment, a 55,000 sq. ft. expansion and an estimated 50+ new jobs; grants are performance‑based and applied only to the ad valorem taxes attributable to new improvements.
The Caldwell County Board of Commissioners unanimously approved Aug. 11 a performance‑based, multi‑year tax grant to support a planned expansion by Project Peconia, a food‑processing operation with existing facilities in the county.
Economic development staff told the board Project Peconia has invested about $38 million in personal property valuation in Caldwell County to date and plans to invest an additional $20 million to add a 55,000‑square‑foot expansion and new equipment. The company estimates the expansion will create more than 50 new jobs.
Under the proposal presented by Caldwell County Economic Development, the tax grant applies only to the ad valorem taxes attributable to the new improvements and would be paid on a sliding schedule over five years if the company elects to start the grant period by 2027: year 1 — 20%; year 2 — 30%; year 3 — 40%; years 4 and 5 — 50% each. The investment period for qualifying improvements runs through Dec. 31, 2027, county staff clarified.
County economic staff told commissioners the grant is reimbursement‑based and does not require upfront county funding; the county’s annual appropriations limit any obligation and the agreement does not pledge county credit. Project representatives in attendance described the company’s local operations and noted discussions about an eventual retail presence in the county; one representative described roles including general manager and supply‑chain responsibilities.
A public hearing drew no speakers; the board approved the agreement after discussion and a motion to adopt the package. County staff said standard permitting, valuation and verification will determine the taxable increase on which reimbursements are calculated, and that the company must meet performance requirements before funds are disbursed.
