Albemarle approves grant for expansion of company
Published 11:40 am Tuesday, May 5, 2020
The Albemarle City Council on Monday evening passed a resolution to approve an economic development grant between the city and a local manufacturer of protective covers.
The company, which is operating under the codename Project Bella, will invest a minimum of $2.9 million in a new building and equipment and will create approximately 15 new full-time jobs.
The five-year, 60 percent business development grant will total $50,957. During that time, the City can receive a net increase in revenue of $33,971 due to receiving an estimated $84,957 in new property taxes.
“We’re excited that Project Bella is expanding to Albemarle,” Economic Development Director Mark Donham, noting the expansion of a local industry is “an important part of economic development.”
The incentive agreement will be funded with General Fund revenues and the city will recover the cost from new tax revenue.
“I’m just tickled that even with what’s going on right now that they’re wanting to do this,” Mayor Pro-Tem Martha Sue Hall said. “It’s such a positive step.”
After opening the discussion to a public hearing, where no one was scheduled to speak, the council unanimously passed the resolution.
The company can’t yet be revealed because there is still some ongoing work to be done, but Donham said likely sometime next week a formal announcement identifying the company will be made.