City considers economic development incentive
Published 5:16 pm Saturday, August 4, 2018
Another Albemarle business is under consideration for an expansion incentive.
Last month, city staff drafted an agreement that would give the unnamed business — currently dubbed “Project Machine” — a municipal tax break in exchange for certain growth guarantees.
According to the draft incentive, the business would add 5-6 employees and invest $1.3 million into its property over the next few years. The city, in turn, reimburses 60-75 percent of the property taxes on any new investment during the time, so long as certain investment milestones are met.
“It will be the same process… we have done with others lately,” City Manager Michael Ferris said.
The most recent of those companies was “Project Steel,” a local industrial business. In July, the city offered it a tax savings of about $146,200 over the next eight years to pursue a 44 job, $3.3 million expansion in the community.
The company has not accepted the offer.
As for Project Machine, the city will not offer the incentive until it hears from the public. Before city officials vote on the matter, they will host a public hearing Monday at 6 p.m. Anyone wishing to express support, oppositions or concerns about “Project Machine” is asked to do so then.
For further information about the public hearing, contact Albemarle City Hall at 704-984-9405.