Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Wake County approves business development grant for Novartis Gene Therapies' Morrisville site
Summary
The Wake County Board of Commissioners approved a performance-based business development grant for Novartis Gene Therapies’ Project Titan in Morrisville; the company plans about $231 million in local investment and 100 new jobs averaging more than $120,000 annually.
The Wake County Board of Commissioners voted to approve a business development grant agreement with Novartis Gene Therapies Inc. after a public hearing and staff presentation.
County staff described the project as part of a larger investment the company is making across Durham and Morrisville. Michael Jane of the county manager’s office said the combined sites represent roughly $771 million in planned investment and about 700 new jobs; the Morrisville portion alone is expected to involve about $231 million in investment and 100 new jobs with average annual salaries above $120,000. "This project qualifies under your business development grant policy as a tier 2 project," Jane said, outlining an eight‑year term under which the county would pay grants equal to 50% of new tax revenue each year if the company meets performance requirements.
Jane and other staff described the county grant as performance‑based and subject to clawback provisions. He said the state is a partner through its job development and investment grant program and that combined state support could reach about $7.5 million over 12 years; the county’s estimated maximum participation was described as up to $2.3 million over the agreement term. Michael Haley, Wake County Executive Director, said the jobs would include production roles as well as researchers and scientists and emphasized outreach: "These are production jobs... life saving, life altering, therapies that are being produced here in our community," he said.
Commissioner Edmonds moved to approve the county agreement, subject to terms acceptable to the county attorney; the motion was seconded and the chair announced the motion carried after a voice vote. Staff and company representatives offered to provide more detailed job descriptions and recruitment information to the board and the public following the approval.
What happens next: the county will finalize terms acceptable to the county attorney, monitor the company’s compliance with the performance milestones in the agreement and administer the incentive payments only if Novartis meets the required investment and job-creation thresholds.
