Catawba County Economic Development Corporation President Scott Millar goes over the incentive agreement with label maker American Fuji Seal at a joint meeting of the Hickory City Council, Catawba County Board of Commissioners and Trivium Corporate Center Board of Directors on Wednesday.
Catawba County and Hickory leaders agreed to provide roughly $2.5 million in incentives to a Japanese product label manufacturer American Fuji Seal on Wednesday.
The company announced in December that it would be locating in the Trivium Corporate Center, the business park the city and county are working together to develop between Startown and Robinwood roads.
The vote came at a joint meeting of Hickory City Council and Catawba County Board of Commissioners at the Hickory Metro Convention Center.
Scott Millar, president of the Catawba County Economic Development Corporation, presented the agreement.
Under the agreement, the city and county agree to pay up to $750,000 each to cover the cost of grading the land.
The Trivium Corporate Center Board of Directors, which includes leaders from the city, county and economic development corporation, also held a meeting at the same time to give the company roughly 25 acres in the business park.
The land was valued at a little more than $1 million, creating an incentive of around $2.5 million when combined with the grading payments.
Millar said the city and county could expect to recover the incentives through taxes within five or six years.
He said the agreement includes provisions allowing the local governments to get the money back if the company does not meet its obligations, which include requirements to invest $52 million and hire 101 workers at an average pay of $48,900 per year.
The incentives were approved unanimously. Hickory Councilman David Zagaroli and County Commissioner Barbara Beatty were not present for the meeting.
In December, the state announced the company could receive $765,000 in incentives over 12 years, depending on performance.
Kevin Griffin is the city of Hickory reporter at the Hickory Daily Record.
January 22, 2021 at 05:00PM
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Catawba County, Hickory approve $2.5 million in incentives for label maker - Hickory Daily Record
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