Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Rockingham County approves incentive for "Project Weight" citing $3.5 billion investment and 25 jobs
Summary
The board approved an economic development incentive for "Project Weight" after a public hearing where county staff described an estimated $3.5 billion private investment, about 25 jobs averaging roughly $88,000, and a potential incentive of up to $7 million (roughly 40% of net new ad valorem personal property taxes for five years). No members of the public spoke at the hearing.
Rockingham County commissioners voted July 20 to approve an economic development incentive package for a project staff identified as "Project Weight." Lee Cochran, director of the Rockingham County Center for Economic and Tourism Development, presented the request and opened a public hearing; no members of the public spoke.
Cochran said the project would collocate at 805 Island Drive if secured and described the county's proposed incentive structure. He told the board the company's investment was estimated at about $3,500,000,000, that the project was expected to create roughly 25 jobs with an average pay of about $88,000, and that the county's incentive would return approximately 40% of net new ad valorem personal property taxes to the company for a period of five years. Cochran said the incentive exposure could be as high as $7,000,000 while the county's projected return in tax receipts over time would exceed $12,000,000.
After the public hearing closed with no speakers, a commissioner moved to approve the incentive. The board approved the motion by voice vote with no recorded opposition.
The board did not record a detailed benefits-cost analysis in the hearing transcript; Cochran summarized projected dollar figures and job counts during his presentation. The county manager and economic development staff will carry out next steps on any agreement and related paperwork.
