The Oakboro Town Council approved at Monday’s meeting an economic incentive agreement with an existing town business.

C.T. Commercial Paper Products, at 349 S. Main St., will receive a six-year, 60-percent business development grant between itself and the town.

Overall, CT Paper will make an $8.5 million investment and create 26 new jobs, according to Town Administrator Doug Burgess.

The incentive will be approximately $108,000 over the six-year period, Burgess said, should the company meet certain goals to receive the money.

Councilman Mike Efird made the motion to approve the request by the county’s Economic Development Commission, seconded by Councilman Bud Smith, and the motion passed unanimously.