Wayne County holds public hearing on sale and incentive package for ‘Project Istanbul’ (Pelsan); sale price, job and investment commitments outlined

The Wayne County Board of Commissioners opened a 9:30 a.m. public hearing on June 17 to receive comment on a proposed economic incentive agreement with a company identified in the meeting as Pelsan (referred to in notices as “Pell San Teksteel” / “Project Istanbul”). The proposal would convey approximately 31.83 acres and two shell buildings at 404 and 408 Gateway Drive in Goldsboro under a negotiated sales price of roughly $5,186,400, subject to final survey adjustments.

County economic development staff said the company has committed to $82,600,000 in capital improvements and to create 216 jobs in Wayne County. The county negotiated an upfront incentive structured as reductions in the sale price rather than a typical annual rebate: staff described a $1,500,000 reduction tied to the shell buildings and a discounted price on an additional 17.33-acre tract (sold at $40,000 per acre rather than an appraised $100,000 per acre). County staff calculated the combined incentive at about $2,539,800; staff emphasized those figures are subject to final survey and parcel adjustments.

Staff said the buyer will begin paying property taxes immediately on closing and that the parcel conveyance was structured so the county begins to receive tax revenue sooner than for undeveloped land. The county’s economic development director noted the City of Goldsboro approved an interlocal amendment the night before that agreement: Goldsboro will refrain from annexing the parcel, provide water and sewer without requiring annexation, and forego its split of property taxes on the specific shell-building parcels until Wayne County recoups the upfront incentive from the sale price.

State-level incentives were discussed in the staff presentation. Economic development staff said the North Carolina Job Development Investment Grant (JDIG/JDEG) approved by the state’s economic investment committee provides up to $2,065,000 in possible state reimbursement spread over 12 years; staff also listed other state and local supports (community college funding, sales-tax exemptions, and assistance from Duke Energy and the North Carolina Railroad) mentioned in the announcement.

Commissioners heard that Pelsan plans to occupy and renovate one existing shell building for warehousing immediately, and intends to use the larger building for manufacturing with potential future expansion (staff said the 50,000-square-foot building could expand by another 200,000 square feet if needed). Staff estimated the average wage for the new jobs at $48,789 compared with the county’s current average wage of $46,211.

Public comment during the hearing was minimal; no final roll-call vote on the economic incentive agreement was recorded in the transcript before the meeting moved on to other business. A motion to approve the economic incentive agreement was made on the floor during the meeting; the record shows the motion but does not include the final recorded vote count in the public transcript.

Key numbers and caveats: - Proposed sale price (after negotiated incentive): approximately $5,186,400 (subject to final survey adjustments). - Up-front county incentive (sale-price reduction): approximately $2,539,800 (includes $1,500,000 reduction on shell buildings plus discounted acreage pricing). - Company commitments: $82,600,000 capital investment and 216 jobs (job target reported as a five-year threshold inside a 10-year agreement). - State JDIG/JDEG potential reimbursement: up to $2,065,000 over 12 years (approved by the state economic investment committee).

Quotes (selected): "We are reducing the price of the sale up front ... and at the end of 10 years, if they have not fulfilled all the agreements they would have to repay some of the incentives," an economic development staffer said while explaining the structure of the agreement.

"The company's project in Goldsboro establishes its first U.S. facility ... enabling Pelsan to respond more efficiently to rising demand across North America," staff read from the company announcement during the hearing.

Ending: The public hearing record will be part of the July 15 agenda package; staff said closing is expected once final surveys are complete and the county’s legal and closing processes are finished. Because the transcript does not contain a final roll-call vote for the incentive agreement, the board’s formal action on the agreement is recorded as “motion made; outcome not specified in public transcript.”