Promoting a strong business presence within our region’s borders benefits our entire business community, our citizens and our state. To induce job creation and investment in our region, Statesville Regional Development may offer incentive grants to offset development costs associated with a business location or expansion. These grants can be applied to the cost of environmental studies, clearing, grading, storm water mitigation, water/wastewater/power line extensions, power substation design and construction, and road construction.
Incentives vary based on each particular situation. For example, incentives may be provided for location and expansion of a specific business or industry where increases in employment, tax bas, and/or utility usage are immediate and measurable. To be considered for an incentive, applicants must be a business or industry locating or expanding within the Statesville Region or willing to petition for annexation into our corporate limits. The business must be willing to guarantee job creation and above average wages, and meet certain investment thresholds.
In general, incentive packages are based on the following criteria:
- Capital investment of at least $3 million for the Iredell County Program; $1.5 million for the City of Statesville and Town of Troutman programs.
- Creation of quality jobs with pay higher than the county’s average wages
- Environmentally friendly business practices
Incentive Contribution Parameters
Statesville Region incentives must be used in a consistent manner with G.S. 158-7.1. In addition, the following parameters will define levels of contribution.
- An amount equal to .356% of the capital investment may be used for incentive payments for a period of five years for the Iredell County grants.
- If a company’s investment exceeds $30 million in additional tax base, the Iredell County Board of Commissioners may extend eligibility to six years.
- Calculation will be based on the quality of jobs created. The following schedule allocates the percentage of participation for each level.
To request industrial development incentive awards, a company must:
- Receive a favorable recommendation from Statesville Regional Development.
- Be willing to appear before the public at a hearing for the purpose of receiving input on the proposed incentive
- Receive a favorable vote from the County Board of Commissioners, Statesville City Council or Troutman Board of Aldermen following the public hearing
- Be willing to enter a formal agreement stipulating the commitment of the industry and Statesville Region
For more information on our corporate and industrial business incentives, please contact the Statesville Regional Development office at 704.871.0062 or at info@StatesvilleRegion.com.