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Iredell County approves $46,547 incentive for Project Portia as Vici Inc. plans Mooresville expansion
Summary
The county approved a five-year economic development grant for Vici Incorporated’s Project Portia, which would consolidate operations for Riley Motorsports and Kelly Moss Motorsports in a 157,000-square-foot Mooresville building and is expected to create at least 11 new jobs with average wages above $80,000.
Iredell County commissioners voted Tuesday to approve a $46,547 economic development incentive for Project Portia, a proposed consolidation of motorsports operations by Vici Incorporated in Mooresville.
County economic development representative Todd Black introduced Project Portia at the public hearing, saying Vici Inc. is a strategic alliance between Riley Motorsports of Mooresville and Kelly Moss Motorsports of Wisconsin. "Vici Incorporated plans to purchase an existing 157,000 square foot building located on Mecklenburg Highway in Mooresville for expanded operations of both companies if incentives are approved for the project," Black said. He added that the full investment is expected to total $3,050,000 and be completed by Dec. 31, 2027.
Black told commissioners Riley currently employs 46 people in Mooresville and that Kelly Moss will add a minimum of 11 new jobs, with the combined potential to reach as many as 22 new jobs over time. "The average wage of those new jobs will be in excess of $80,000 a year," he said. The incentive grant approved by the board totals $46,547 to be paid over five years — about $9,309 per year — based on a formula described by staff that uses 75% of property-tax paid on building improvements and 50% of property tax on new machinery and equipment.
Chair Connolly opened and closed the public hearing for the item; no members of the public signed up to speak. Commissioner Howe moved to approve the incentive. The motion passed on a voice vote, with commissioners responding "aye." The motion did not record a roll-call tally in the meeting minutes.
The county manager and economic development staff will proceed with the grant paperwork and monitoring once final documentation is completed. The company’s purchase and the county incentive are separate actions: the incentive approval does not by itself change permitting, building-use approvals, or other regulatory steps required for the project to proceed.
Why this matters: The project is intended to retain and expand motorsports-related jobs in Mooresville and add taxable investment to the county’s property tax base. Commissioners’ approval moves the project into the paperwork phase for grant administration but does not substitute for any land-use, permitting or other approvals the company must obtain.
What’s next: Staff said the full investment is expected by Dec. 31, 2027. The county will pay the incentive in annual installments over five years as outlined in the grant agreement.
