Norwood company to invest $3.5 million
Published 9:29 am Tuesday, November 8, 2022
The Norwood Town Council unanimously approved an agreement to give tax incentives to one local business.
At Monday’s meeting, a public hearing was conducted regarding a proposed economic incentive agreement between the town and an existing powder and e-coating provider in the Norwood town limits. The company will get a five-year, 60 percent development grant.
The company will invest $3.5 million, which Stanly Economic Development Commission Director Candice Lowder said would include $1.1 million in real property and $2.4 million in machinery.
Lowder said the company would also add jobs over the next five years.
No one else spoke at the public hearing.