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Hendersonville approves incentives for Project Crown; developer promises 148 jobs and $123.9M investment
Summary
The council authorized economic incentives for Project Crown, a precision manufacturing prospect proposing a $123.9 million investment and 148 jobs; staff said incentives are calculated under local guidelines and tied to job and wage thresholds.
Hendersonville's City Council on June 4 approved economic development incentives for Project Crown, a manufacturing prospect that staff said would build a roughly 130,000-square-foot facility in the city.
Emily Martin of the Economic Development Partnership presented Project Crown and said the company's plan would invest about $123,885,629 and create 148 new positions with an average wage "exceeding $62,776 annually." She described the firm as a global manufacturer focused on precision injection-molded components and high-speed automated assembly serving the healthcare industry.
Staff explained that the city's incentive calculation is tied to the number of jobs and wages the company commits to and that the Economic Development Partnership administers the CPACE and related programs. Under staff's straight-line depreciation example, the city incentive portion was estimated at about $4,040,274.60 over the applicable period. The presentation noted the program is private financing administered by the Economic Development Partnership of North Carolina and that joining such programs does not create an obligation for the city's taxing authority.
With no public speakers on the item, a council member moved to adopt a resolution approving incentives and authorizing the city manager to execute agreements necessary to finalize the package; the motion passed by voice vote.
Next steps: staff will finalize the incentive agreement and return any implementing documents to council as required.
