Incentive granted for Albemarle business expansion
Albemarle City Council has approved its second economic development incentive of the summer.
In order to assist Global Packaging Solutions — previously referred to as “Project Machine” — with an expansion, councilors unanimously agreed to grant it a property tax break on an upcoming expansion.
As long as Global Packaging meets certain growth milestones, the city will reimburse 50 percent of its property taxes on any new investment it makes from 2018-2022, which will total an estimated $16,000 in savings for the company.
“It’s very exciting,” Albemarle Economic Development Director Mark Donham said. “It demonstrates what’s happening to our economy right now. Local industry is starting to expand and invest in our community.”
Global Packaging Solutions, which creates packaging for commercial entities such as Skippy Peanut Butter, Revlon, Dunkin Donuts, Wal-Mart and many smaller businesses, plans to purchase about $1.3 million in new equipment and hire at least five new employees at its facility on Poplin Grove Road within three years.
That equipment will include a new printing press — 22 inches wide, 63 feet long, with the capability to print in 10 colors — along with a slitter to divide packaging and a 24-inch long camera used for quality assurance.
“It truly puts us up there with the big guys,” said Jim Anderson, company president.
His company built its foundation working with smaller companies, he noted. Launched in Oakboro in 2005, it started doing packaging for mostly independent businesses.
However, it was attracting bigger fish. In fact, about three years ago it outgrew its initial space in Oakboro and relocated to the Pinehurst Building in Albemarle.
“We’re glad to be here,” Anderson said. “We’ve never had anything but the greatest support from everyone, from the banking people to the city.”
They aren’t the only ones that are considering an expansion in the city.
Earlier this summer, the city also offered a tax incentive to an Albemarle company dubbed “Project Steel.” The yet unnamed company is considering a $3.3 million, 44 job expansion in the city. To encourage that, the city offered it an 8-year tax incentive totaling about $146,000. (As of yet, the company has not accepted that offer.)
“I think we’re going to begin seeing more of this taking place,” Donham said.
Contact Shannon Beamon at 704-982-0816 or email@example.com.