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Council approves incentive package for Southern Electrical Equipment Co., citing expected job growth
Summary
Monroe City Council adopted a level‑2 economic incentive agreement for Southern Electrical Equipment Company (SECO/Project Homecoming), offering $114,000 over five years and potential electric rider eligibility; company representatives said the project would consolidate operations and create new local jobs.
The Monroe City Council voted to approve a five‑year, level‑2 economic development incentive agreement for Southern Electrical Equipment Company (branded in the staff presentation as SECO) as part of “Project Homecoming.”
City staff and company representatives told council that SECO — a supplier to the electric utility industry founded in 1920 and currently operating in Mecklenburg and Gaston counties — plans to invest in a Monroe facility and consolidate operations from multiple sites. Theresa Campo, economic development staff, and company representative Andrew Panto described an anticipated capital investment and new positions tied to the relocation.
Staff presented the incentive package as a $114,000 payment spread over five years, with the company potentially eligible for an electric rider. SECO representatives said the project would preserve and grow a workforce of roughly 120–130 employees and aim to add additional positions: staff materials cited an expectation of 28 new jobs within two years and 43 within three years, with an average annual pay of about $64,000. The company also described partnerships with South Piedmont Community College for training and retention programs.
Council member action: a motion to adopt a resolution awarding an incentive agreement, authorize the mayor to execute the necessary documents and approve the incentive agreement was moved and seconded; the motion passed by voice/hand vote.
Council members asked questions about training, equipment investment and the facility size. Staff confirmed the site is approximately 109,000 square feet on about 15 acres and that the city’s incentive would be paid per the level‑2 schedule. No speakers from the public opposed the agreement during the public hearing for this item.
City staff said the incentive funds were authorized through the economic development budget and will be administered under existing incentive agreement processes. The council approved the resolution and authorized the mayor to sign the agreement.
