Incentives
State of North Carolina Incentives
One North Carolina Fund
Industrial Revenue Bonds
Industrial Development Fund
Job Development Investment Grant
Industrial Revenue Bonds
Industrial Development Fund
Job Development Investment Grant
Wayne County Project Assistance
General:
The County of Wayne, in conjunction with the municipalities within Wayne County and the Wayne County Development Alliance, is prepared to consider a variety of measures to help reduce initial and ongoing business costs to both new companies locating in the area and to existing
companies that plan to expand in the local area. Each project is considered on its individual merits and overall economic impact on the community.
The County of Wayne, in conjunction with the municipalities within Wayne County and the Wayne County Development Alliance, is prepared to consider a variety of measures to help reduce initial and ongoing business costs to both new companies locating in the area and to existing
companies that plan to expand in the local area. Each project is considered on its individual merits and overall economic impact on the community.
Criteria:
Three main economic impacts are initially considered: the number of jobs created, the pay scale of those jobs created (must be above the County average of $14.78/hour and the capital investment. Once that is determined, the possibility of assistance from the local forms of government is examined.
Three main economic impacts are initially considered: the number of jobs created, the pay scale of those jobs created (must be above the County average of $14.78/hour and the capital investment. Once that is determined, the possibility of assistance from the local forms of government is examined.
Process:
Public Funds: All assistance considerations must be discussed with the appropriate parties within the local government and can be done so initially in a confidential, closed session environment. Final approval of any assistance whereby public funds are dispensed must be done so through the public hearing process as dictated by North Carolina General Statutes.
Public Funds: All assistance considerations must be discussed with the appropriate parties within the local government and can be done so initially in a confidential, closed session environment. Final approval of any assistance whereby public funds are dispensed must be done so through the public hearing process as dictated by North Carolina General Statutes.
Private Funds: The Wayne County Development Alliance, through its Impact Wayne Campaign, has access to private funds that can be considered for project assistance by a majority approval of the Board of Directors. This can be achieved in a confidential, closed session environment.
Types:
There are a variety of means by which project assistance can occur. Among those, but not limited to, are:
1) Local government agency match required for the application of a grant to the State of North Carolina, the North Carolina Rural Economic Development Center, the Golden LEAF Foundation, or other state agency.
2) Extension/upgrade of a water and/or sewer line.
3) Extension/upgrade cost offsets for other utilities such as electricity, telecommunications and natural gas.
4) A grant for local taxes paid on personal property and/or real property.
5) The provision of city/town services and infrastructure at sites outside the city/town limits.
There are a variety of means by which project assistance can occur. Among those, but not limited to, are:
1) Local government agency match required for the application of a grant to the State of North Carolina, the North Carolina Rural Economic Development Center, the Golden LEAF Foundation, or other state agency.
2) Extension/upgrade of a water and/or sewer line.
3) Extension/upgrade cost offsets for other utilities such as electricity, telecommunications and natural gas.
4) A grant for local taxes paid on personal property and/or real property.
5) The provision of city/town services and infrastructure at sites outside the city/town limits.
Summary:
Each project, whether a new company location or an expansion of an existing company, is considered individually. Approvals for assistance are based on a variety of factors regarding both the project itself and the ability of the local government or private sector to contribute.
Each project, whether a new company location or an expansion of an existing company, is considered individually. Approvals for assistance are based on a variety of factors regarding both the project itself and the ability of the local government or private sector to contribute.
