Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Commissioners approve incentive for proposed $3.5 billion project at 805 Island Drive
Summary
The board approved an economic development incentive for a proposed project at 805 Island Drive that the county staff said could bring a $3.5 billion investment and 25 jobs averaging $88,000; the incentive would rebate roughly 40% of net new personal property taxes for about five years, with a possible incentive up to $7 million.
Rockingham County commissioners approved an economic development incentive for a proposed company that would locate at 805 Island Drive, the county’s economic-development director said during a public hearing.
Lee Cochran, director of the Rockingham County Center for Economic and Tourism Development, told the board the project could make an estimated $3,500,000,000 investment and create 25 jobs with an average pay of $88,000. "The county, in return for an estimated $3,500,000,000 investment, 25 jobs with an average pay of $88,000 would...give back to the company roughly 40% of the net new ad valorem personal property taxes, for a period of over 5 years," Cochran said. Cochran said the incentive amount to the company could be roughly up to $7,000,000 while the county’s receipt over time was projected to be more than $12,000,000.
No members of the public spoke during the hearing. Commissioners had no questions for the presenter and moved to approve the incentive by voice vote. Commissioner Berger moved approval; Commissioner Hall seconded, and the motion carried.
Why it matters: If the project proceeds as described, the county would forgo a portion of new personal property tax revenue for a multi-year period in exchange for expected private investment and wage gains for new employees. The board approved the incentive after a public hearing with no speakers against the proposal.
What’s next: The county’s incentive agreement will be completed and implemented by staff; project approvals, company commitments and final incentive calculations were not specified in the meeting record.
