Rowan County approves incentive grant for Project Paddock, a proposed manufacturer promising 25 jobs

Rowan County commissioners voted Feb. 16 to approve an economic development grant under the county’s current policy for a prospective manufacturer identified in staff materials as 'Project Paddock.' Economic development staff (Scott) described the company as a metal‑fabrication manufacturer considering a Rowan County site, estimating approximately 25 new jobs over three years and about $32 million in real and personal property investment.

Staff explained the county’s level 1 grant structure — a reimbursement equal to 40 percent of increased property tax revenue over a five‑year period — and said the program provides no upfront cash: the company pays taxes on new investment and receives a proportionate grant payout over time. Using an initial assumption of $17 million in real property improvements and $15 million in business personal property, staff provided estimated incremental tax revenue (~$819,000 over five years) and an incentive estimate of roughly $328,000; their net projection to the county over a 10‑year period was presented as roughly $1.2 million (figures were dependent on assumptions about depreciation and tax rates).

Commissioners asked about wages; staff said average wages for the new positions were reported to be a little over $81,000 (range $70,000–$125,000). The board opened the public comment period on the incentive and heard no comments. The motion to approve the economic development grant passed by voice vote.

The approval authorizes staff to proceed with the incentive under the county’s existing policy and to implement grant paperwork after the company finalizes site selection and construction bids. Staff noted these projections are estimates and depend on actual investment and assessed value realized in coming years.