Commissioners approve grant for Oakboro business expansion
Published 4:28 pm Tuesday, February 2, 2021
The Stanly County Board of Commissioners passed a resolution at Monday’s meeting which could give tax breaks to a manufacturing company in Oakboro expanding its existing business.
Candace Lowder, director of the Stanly County Economic Development Commission, made a presentation to the board looking for a property tax based business development grant of 55 percent over five years.
The unnamed business “has diversified its operations to manufacture therapeutic botanical products within the town of Oakboro,” Lowder said.
She said the project will create 20 new jobs with salaries above the current county average resulting in taxable investments of “at least $1 million in real property improvements and $4.5 million in machinery and equipment.”
The measure still has to be approved after a public hearing of the Oakboro Town Council at its regular meeting Feb. 15. The contract will then have to be signed by all parties before going into effect.