Commissioners approve larger incentive for Project Jackpot as expected investment grows
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Summary
The board approved an amendment raising the expected investment for Project Jackpot from roughly $8.5 million to $40 million and increasing the county incentive to $100,000 per year (60% of net new taxes) for six years (maximum $600,000); staff also received authorization to apply for an NC Commerce building reuse grant with a 5% match not to exceed $25,000.
Pitt County commissioners approved an amendment to the economic development agreement for “Project Jackpot” after staff said the company’s anticipated investment had increased markedly from about $8.5 million to $40 million.
Economic development staff said the amended agreement keeps the existing structure — a grant equal to 60% of the net increase in ad valorem taxes — but raises the annual cap to $100,000 for six years, producing a maximum incentive of up to $600,000 over the grant term. Staff also asked the county to authorize the Economic Development Office to apply for a North Carolina Commerce building reuse grant; the application would include a 5% local match not to exceed $25,000.
Asked whether the six‑year grant term started with the original agreement or the new investment timeline, staff said the agreement was signed in August 2024 and the six‑year period began then; payments would be counted from that earlier start date. Staff also told the board the company had not yet received its first grant payment and that, at the new investment levels, the county’s annual payment amount would rise from roughly $32,000 per year under the original terms to about $100,000 per year under the amended terms.
The board opened and closed the public hearing with no public speakers signed up, then moved and approved the amendment and the request to apply for the state grant.