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Council approves five‑year incentive grant for steel manufacturer 'Project Superman'
Summary
City council authorized a five‑year, declining incentive grant not to exceed $327,487 per year for an existing Fayetteville steel manufacturer planning expansion that would add 42 full‑time jobs and a $22 million investment.
FAYETTEVILLE, N.C. — Fayetteville City Council on Sept. 22 approved a five‑year, declining incentive grant for a local steel components manufacturer identified in staff materials as “Project Superman.”
Economic development staff said the company owns a 75‑acre tract in Fayetteville, proposes a $22 million investment in buildings and equipment and expects to add 42 full‑time jobs with an average wage above $66,700. The city’s incentive policy provides a declining annual grant calculated as a percentage of new tax revenue paid; staff proposed a five‑year schedule (90%, 80%, 70%, 60%, 50%) not to exceed $327,487 in any year. Over 10 years staff estimated the project would generate roughly $781,000 in new tax revenue and, after the incentive payments, retain approximately $453,000 net to the city.
No public speakers registered for the item. Councilmember (mover) cast the motion to approve the grant pursuant to the city’s adopted policy; the motion was seconded and carried unanimously.
Staff said the county will consider a similar request at its next meeting and that the city is coordinating discretionary state incentives with the company as the project advances. Incentive payments will be computed each year based on actual taxes collected and are structured so the city will not disburse more than the taxes generated in any fiscal year.
