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Iredell commissioners approve $214,993 incentive for Project Nano (RMC Advanced Technologies) contingent on contract
Summary
The board approved an economic development grant of up to $214,993 over five years for RMC Advanced Technologies Inc.'s Project Nano, tied to a $21 million capital investment and job-creation benchmarks; the award is contingent on a contract within 180 days.
The Iredell County Board of Commissioners voted Tuesday to approve an economic development incentive of up to $214,993 over five years for Project Nano, a proposed investment by RMC Advanced Technologies Incorporated that county economic development staff said will total $21,000,000 in capital investment.
Craig Goodson of the Iredell County Economic Development Commission presented the proposal, saying the project would be completed in two phases and would involve manufacturing equipment including molding presses, bonding/assembly presses with adhesive application systems, a prime paint line and auxiliary plant equipment. Goodson told the board the investment would be completed over a five-year period in two phases: a Phase 1 investment of $10,000,000 with a minimum of seven new jobs and a Phase 2 investment of $11,000,000 with a minimum of 10 additional jobs.
Goodson said the Phase 1 jobs would be created by Dec. 31, 2026, and Phase 2 jobs by Dec. 31, 2029. He also characterized the Phase 1 wage level as about $60,882, saying that figure is roughly $2,000 below the county average wage but above city wage levels.
Vice Chair Kneider moved to approve an incentive payment not to exceed $214,993 over five years, based on the company's capital investment of up to $21,000,000 and creation of a minimum of 17 new jobs (with potential for up to 34), contingent on a contract being executed within 180 days. The motion passed on a voice vote.
No members of the public signed up to speak at the public hearing. County staff said the incentive is being considered under Iredell County's economic development policy and that the grant will require a contract specifying investment, wages and job-creation milestones. The board held an earlier closed session related to economic development and property acquisition with no action reported.
