State and county executives are expected to announcement a big economic development project that will create “several hundred full-time” jobs in Johnston County. And WRAL TechWire is told that the deal is with a life science company.
While the name of the company hasn’t been confirmed, it is expected to be one that will add to a cluster of biotech manufacturing plants around Clayton.
The deal would help offset job losses coming from the closing of a Hospira plant in Clayton. The biotechnology-related manufacturing complex in Johnston County also includes operations run by Grifols and Novo Nordisk. Bayer CropScience also operates a bee research facility in the county.
A state-supported tax incentive is expected to be approved this morning at a meeting of the Economic Investment Committee in Raleigh. It will be followed by a “special meeting” of the Johnston County Board of Commissioners in Clayton at 12:30.
Some state incentive packages require what is called a “local match.”
Gov. Pat McCrory is scheduled to make an announcement about the deal around 2 p.m. at the proposed site.
“A company intends to construct production facilities and hire several hundred full-time employees to work there,” said Tony Braswell, Chairman of the Johnston County Board of Commissioners, in announcing Wednesday’s meeting.
“The company has proposed locating the project in Johnston County in exchange for certain economic incentives … The Board of Commissioners will solicit public comment on the incentives at the public hearing. It is the preliminary intention of the Board of Commissioners to approve these incentives as part of an incentives package to be granted to the company in exchange for the location and operation of the facility in Johnston County.”
The incentives include a purchase of 95 acres of land where the plant will be located for some $2.2 million by the county.
The land will be leased to the company, and the firm will have an option to purchase it.
The land comes with conditions, Braswell said.
“The land has been preliminarily valued at approximately $2,400,000.00, with an annual rental value of approximately $48,000. The property will be conveyed or leased to the company with an option to purchase in consideration for the company’s commitments to operate the new facility with
“(1) several hundred new full-time hires and
“(2) real property improvements and business property that will return property tax revenues substantially in excess of the county’s investment. The company will be obligated to reimburse or return the property to the County if it does not fulfill those commitments,” he wrote in the notice.
