Cumberland
County has adopted an Economic Development Inducement and Investment
Policy that makes available to qualifying companies on a case
by case basis performance-based financial support. This policy
provides assistance to both new and expanding industry in Fayetteville
and Cumberland County.
Companies
meeting the qualifications may receive a financial grant measured
against the investment return to the County generated from a new
investment in building and/or equipment. The County Board of Commissioners
will consider each project on a case-by-case basis with grants
typically running from three to five years. The project must meet
certain threshold requirements. No guarantee of grants may be
given until the review process is completed. Meeting these requirements
does not automatically qualify a company for a grant.
MINIMUM PROJECT QUALIFICATIONS
Threshold One - For an existing or new project in Cumberland County:
Existing Firms $ 1,000,000 Investment AND 5 Created Jobs
New Firms $ 2,500,000 Investment AND 25 Created Jobs
OR
Threshold Two - For an existing or new project in Cumberland County:
Existing Firms No Minimum Investment BUT 20 Created jobs
New Firms No Minimum Investment BUT 100 Created jobs
BUT IN EITHER CASE
Wage Levels
The wage levels of the jobs created must equal at least 100% of
the average
wage paid in the County for that industry sector.
QUALIFYING TYPES OF OPERATIONS
The project must involve a facility to be used for:
-
manufacturing
-
distribution
-
corporate
or divisional headquarters
-
air
courier hub
-
research/development
-
back
office operations (e.g. telemarketing, call center, check clearing,
etc.)
-
utilization
of high technology or innovative new technologies
HOW GRANTS MAY BE UTILIZED
Grants may be applied for:
-
site
acquisition
-
site
preparation
-
internal
site infrastructure
-
external
infrastructure
-
other
improvements at the site
-
job
training cost not otherwise reimbursed by grants from the community
college system
-
tax
credits pursuant to the state statute
-
other
purposes which leave value in the community as determined on
a case-by-case basis by the County Board of Commissioners.
For more
information about the County incentive programs, please contact:
Phyllis M. Owens, CEcD
Cumberland County Business Council
201 Hay Street, 4th Floor
Fayetteville, NC 28301
(910) 484-4242 ext. 246
(910) 483-4042 fax
www.ccbusinesscouncil.org
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