An economic development prospect could bring 600 jobs to Cabarrus County in a $50 million investment.
County commissioners unanimously approved at their Monday, July 17, meeting an incentive package for Project Hercules, or the TPA Group. The private real estate firm based out of Atlanta is considering building a 100-plus acre industrial facility development in Kannapolis and requested infrastructure improvement reimbursements as opposed to the traditional economic development grant.
“This is certainly an impressive project,” board chair Steve Morris said. “Six hundred jobs, a million square feet and $50 million investment—this is the kind of thing that a lot of counties in North Carolina would certainly love to have the opportunity to talk about.”
Unlike most economic development grants, this particular incentive package is reimbursement for infrastructure improvements of up to $1.48 million—which is what the typical five-year grant at 85 percent of the project’s added tax value would equate to in TPA’s case.
Robert Carney with the Cabarrus Economic Development Corporation said reimbursement costs would be paid once the infrastructure work is finished.
Currently, TPA Group has several tenants interested in the site, but only one is a preferred tenant; that company has estimated it would create 600 full-time jobs.
The facility would be located at 6501 Macednoia Church Road in Concord, near the intersection of N.C. 73 and Kannapolis Parkway.
Commissioners also approved an incentive package for Project Laser, or Classic Graphics, which is thinking about expanding in the region and possibly opening a facility in Cabarrus County. The commercial printing company already has a location in Charlotte and is looking at leasing 100,000 square feet of the 300,000-square-foot Concord Airport Business Park Phase III, located on Derita Road. That industrial spec facility is currently under construction but should be completed soon, Samantha Grass with the EDC said.
“Classic Graphics estimates they will invest over $1.5 million in personal property over the next three years at the Concord location,” Grass said. “Their plans also include hiring 30 full-time employees and also transferring 20 employees from their Charlotte location.”
The average wage of those full-time employees would be about $37,000, Grass said.
Classic Graphics’ economic development package is $26,775 to be paid out over a three-year span; that’s 85 percent of the property’s increased tax value. Grass said the county will net about $4,700 in additional taxes during that time period.
“Of course, some folks look at that and say, ‘Well, [some] of those jobs are coming from out of Cabarrus County,’ ” Morris said. “But I always like to point out to people that even when we have those folks that come from outside of the county to work here, they eat lunch in our restaurants. They buy gas at our service stations on their way to and from work. They leave a lot of money in the Cabarrus County economy, so that’s something I think is very desirable.”