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Morrisville staff outline changes to incentive policy, recommend lower thresholds and 'peak-assessment' fix
Summary
Economic development staff presented options to address a technical mismatch between capital-investment thresholds and Wake County assessed value, proposing lower entry thresholds for some project types and a 'peak-assessment' confirmation that would remove depreciation from payout eligibility while maintaining job-performance requirements.
Economic Development Director Tiffany McNeil told the Morrisville Town Council on Feb. 26 that the town's current incentive policy can create a technical barrier for some projects because annual payout eligibility is verified against Wake County assessed value, which may decline rapidly for certain capital types (notably equipment or software) as depreciation is applied.
McNeil illustrated the problem with a hypothetical $10.5 million capital investment that initially meets the town's $10 million threshold but could fall below that threshold after depreciation is reflected in assessed value, leaving a company technically ineligible to receive…
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