Economic Development - Expansions and Relocations

[rancenc]

4 hours ago, tarhoosier said:

Four houses would send maybe six children to public school. The commercial/industrial investment of 1 million$ would send zero students to school. In fiscal year 2019 46% of county budget was education. Page 70 of this document:

https://docs.cabarruscounty.us/WebLink/1/edoc/1827850/Fiscal-Year-2019-Budget.pdf

Since public education is supposedly a long term investment and not a contributor to the tax base, as a county tax payer of Cabarrus with NO direct interest in the county schools, I am beginning to question the 46% of my property taxes in this endeavor....and that is not considering my state taxes on this subject!

[deleted account]

2 hours ago, rancenc said:

Since public education is supposedly a long term investment and not a contributor to the tax base, as a county tax payer of Cabarrus with NO direct interest in the county schools, I am beginning to question the 46% of my property taxes in this endeavor....and that is not considering my state taxes on this subject!

Your view is reasonable, but 46% sure beats a poorly educated populace. Plus, local schools are a significant factor in companies considering the area for relocation (not to mention people moving from other states). Those relocations are driving the local economy. Taxes spent on schools here are considerably less than taxes spent on schools in "blue states". I never went to a public school before college and neither did my children. The value of my house is still tied to the quality of the school district I'm in so I still benefit from a reasonable investment in schools. FWIW, you could make the same argument about transit, stadiums, museums, parks, etc. I certainly hate paying for wars but I never get a choice on those...

[KJHburg]

that is why all the surrounding counties are very aggressive in attracting new industry warehouses etc to help balance their property tax revenue streams.

That is why projects like this massive industrial expansion in Mooresville is important to the town and county.

https://wraltechwire.com/2022/02/17/mooresville-supplement-manufacturer-bestco-expanding-will-invest-177m-create-nearly-400-jobs/

 

[Rickybobby]

Bestco used to be one of my customers before I went full time Dad.

They seemed like a great company that had a cool history. I always loved going down the menthol cough drop line, always opened up the sinuses. 

I knew this expansion was coming but wasn't aware it was that large. They did merge with another "nutraceutical" company not to long back that I believe was also their biggest competitor at the time. They were based out of California so it was definitely cheaper for them to move any and all operations this direction.

[SydneyCarton]

https://www.charlotteobserver.com/news/business/article258500098.html

Pharmaceutical company plans $177 million expansion, nearly 400 new jobs near Charlotte BY HANNAH LANG UPDATED FEBRUARY 17, 2022 4:33 PM

BestCo LLC, a manufacturer of over-the-counter pharmaceutical, vitamin, and supplement products, will significantly expand its facilities in Iredell County. JEFF SINER [email protected]

Read more at: https://www.charlotteobserver.com/news/business/article258500098.html#storylink=cpy

 

 

[ArchiCLT]

@KJHburg I wish I could make next week's meetup! BestCo, Sherwin Williams, Eli Lilly, and Project Rabbit are all our projects. In the last month and a half alone, over 3M SF of warehouses has passed through the office, not counting any of these EDC projects. E-commerce boom.

Edited February 18, 2022 by theronhobbs

[KJHburg]

29 minutes ago, theronhobbs said:

@KJHburg I wish I could make next week's meetup! BestCo, Sherwin Williams, Eli Lilly, and Project Rabbit are all our projects. I'm the last month and a half alone, over 3M SF of warehouses has passed through the office, not counting any of these EDC projects. E-commerce boom.

when is Project Rabbit going to hop into Rowan County?  that is a big one. 

[CltFlyer]

On 1/26/2022 at 1:55 PM, KJHburg said:

MAJOR job announcement today at 2 pm at Greensboro's PTI Airport and it is Boom Supersonic with over 1700 jobs to make their supersonic jets.   Not too far from the HondaJet facility up there.  Great news for the entire state and suppliers will want to be close and that would include the Charlotte metro.  Along with the Toyota announcement the Triad is on a roll finally.  

""Boom Supersonic has been officially identified as the aircraft manufacturer that has chosen Piedmont Triad International Airport for its first manufacturing site of its next-generation Mach 1.7 supersonic passenger aircraft, Overture.  A meeting of the North Carolina Department of Commerce Economic Investment Committee (EIC) publicly revealed the name of the company as it approved a $106.7 million Job Development Incentives Grant (JDIG) for infrastructure and hangar construction at PTIA. That approval followed incentives awarded earlier in the morning by the Guilford Board of County Commissioners and Greensboro City Council. By the end of 2035 the project is expected to increase the North Carolina GDP by more than $32 billion.  The performance-based incentives require a minimum capital investment of $500 million and the creation of 1,761 jobs at an average annual wage of $69,000. The city’s package is a payment to the company of $1,500 per job created paying no less than $15 per hour, as much as $2.64 million. The county’s incentive package is an 80% reduction of property taxes paid over 10 years, an amount not to exceed $12.1 million.  Competition for the project included Jacksonville, Florida and Greenville-Spartanburg, South Carolina. It is expected to yield an economic $34 billion""

from Triad Biz Journal

The United States Air Force is backing the Boom Supersonic project.  They are pledging up to $60 million over the next 3 years.  A government backing should greatly help the success of this project.

https://robbreport.com/motors/aviation/boom-us-air-force-military-supersonic-transport-1234657815/

[kermit]

Bob Morgan (yes, that Bob Morgan) is pretty unhappy about some proposed new laws in SC that will increase state government regulation of SC businesses.  Weird flex for SC republicans, could be good news for the Old North State…

Quote

Bob Morgan, president and CEO of the state Chamber of Commerce, said the measure still sends the wrong message to both existing employers and those looking to relocate here. 

“South Carolina has a long and proud tradition of allowing private-sector employers to run their businesses without excessive government interference, which has been a strong competitive advantage for the state’s job creators,” he said. “Imposing a major tax increase on employers that are attempting to make decisions that they believe is in the best interest of their businesses would run directly counter to that principle.” 

https://www.postandcourier.com/politics/sc-senators-advance-attention-getter-to-deter-covid-vaccine-mandates/article_5048db5a-9003-11ec-9649-e3e85ff636f0.html

Edited February 22, 2022 by kermit

[deleted account]

39 minutes ago, kermit said:

Bob Morgan (yes, that Bob Morgan) is pretty unhappy about some proposed new laws in SC that will increase government regulation of SC businesses. Could be good news for the Old North State…

https://www.postandcourier.com/politics/sc-senators-advance-attention-getter-to-deter-covid-vaccine-mandates/article_5048db5a-9003-11ec-9649-e3e85ff636f0.html

Maybe/probably belongs in the political digression thread but:

1. Government vaccine mandates are a bad idea but private employers should decide for themselves and healthcare organizations have a legitimate reason to require vaccines. Government should neither mandate nor punish employers who mandate. 

2. It is beyond stupid to challenge transplant vaccine requirements. The drugs necessary for successful transplants significantly reduce the body's ability to fight infections (making the likelihood of survival much lower). That people are willing to die to avoid a vaccination while asking for an organ transplant demonstrates how stupidly political everything in society is today. Transplants have always required vaccines, smoking and alcohol cessation, etc. If there were unlimited organs available, there would be no such requirements. Shane Massey is either a moron or intentionally mischaracterizing this issue for political gain (or both) and literally killing his constituents. 

If I was deciding on a new state headquarters/operation, I would avoid the craziness of Florida, Texas and maybe even Arizona (and most of the South). North Carolina and Nevada seem to be on the very short list of very business friendly and not completely insane. That does seem to be a real advantage for us. Unfortunately, Governor Cooper is term limited out in 3 years...

That's it from me on this topic.

 

 

[SydneyCarton]

 

Another corporate headquarters is coming to South End and bringing over 100 jobs BY HANNAH LANG UPDATED MARCH 01, 2022 1:29 PM

A new corporate headquarters is coming to South End. Brightspeed, a broadband and telecommunications company, said Tuesday it is establishing its headquarters in the east tower of Vantage South End, the 635,000-square-foot, mixed-use development just two blocks from uptown at South Tryon Street and West Carson Boulevard. Brightspeed plans to occupy an added approximately 27,000 square foot space in the building by the fourth quarter of this year, according to the news release. Construction on the new workspace will start in May.

Read more at: https://www.charlotteobserver.com/news/business/article258920668.html#storylink=cpy

Edited March 1, 2022 by SydneyCarton

[go_vertical]

This is one that had been speculated a little, right, or is this one more of a surprise?  There is always so much going on I can't keep track anymore.  A nice problem to have actually. 

Also, and not to veer this thread off course, a question for those on here that have their finger firmly on the development pulse.  What are the chances the Catholic Diocese might feel compelled to entertain any potential suitors on their lot next door in the near future?  I mean, they have to be getting a call here and there right? 

[DownEast]

This was confirmed a little while back. By Atlrvr I believe. 

[KJHburg]

yes this was mentioned before but the stats on how many people to be there was released today I guess.

Apollo-backed telco plans HQ in Charlotte's South End - Business North Carolina (businessnc.com)

[KJHburg]

Vroom the online used car reseller is opening a facility in Statesville.  Competitor Carvana has a huge operation in Concord.

Charlotte Inno - Online used-car platform expanding local presence with new hub in Statesville (bizjournals.com)

Back in Charlotte on airport owned land next to the huge Amazon warehouse at 485/85 is a huge new warehouse for Best Buy.

""City documents show a project under the codename Project Hub is eyeing a site near Charlotte Douglas International Airport for a facility. An attached document to the permit filed for Project Hub names Best Buy Co. Inc. on the notarized financial responsibility form. Project Hub calls for the development of a 627,000-square-foot, build-to-suit fulfillment center "on property leased from the City of Charlotte (CLT Airport)."""

Documents link Best Buy to industrial project considering city-owned land near CLT - Charlotte Business Journal (bizjournals.com)

and over in Gaston County Amazon is opening a new delivery station with 150 jobs in Bessemer City. 

Amazon to create 150 jobs with Bessemer City delivery station - Charlotte Business Journal (bizjournals.com)

all of this is proof how the warehouse distribution market is just exploding in Charlotte in every direction.  Huge warehouses going up in Gaston County along I-85 and to the north in Cabarrus and Rowan Counties and north up I-77 in Iredell County.  

Read about the record year in Charlotte metro warehouse market.  We used to be a spoke to the huge Atlanta market now we are becoming a massive distribution center in our own right.  

Charlotte MarketBeats | United States | Cushman & Wakefield (cushmanwakefield.com)

Edited March 3, 2022 by KJHburg

[KJHburg]

some "inside baseball" about economic development prospects coming to fruition from the Cabarrus EDC very interesting.  Love the code names!

 

[KJHburg]

More on how economic incentives work from Cabarrus County but this is true in most of the state.

""How economic investments work
Over the investment period, the company pays the full tax amount, based on the ad valorem value of their property. During each year of the investment period, the Tax Administration office verifies all terms are met and then grants back the designated percentage of the increase in real and personal property taxes that were paid. The County benefits from an increase in real and personal property tax during this time. If terms are not met or once the investment period ends, the County benefits from 100% of the increase in real and personal property tax values at the site.  As an added benefit, industrial sites generate tax value without utilizing costly resources, like public safety and schools, which are needed to service residential properties.""

so if companies don't meet their job or investment targets they don't get rebates. 

[kermit]

Not NC related (yet), but the NYT had an interesting story yesterday on the planned Rivian electric truck plant east of Atlanta (near Social Circle). Based on the story it appears the right has decided to vilify Rivian, electric cars and economic development in general, so they are trying to NIMBY the factory out of Walton County (and Georgia all together). So, perhaps an opening for NC here?

Quote

On March 1, Perdue held a rally in Rutledge, about 50 miles east of Atlanta near the site of the planned factory. He was introduced by leaders of the opposition group and focused his remarks on why the Rivian factory was a bad fit for the community, and how, he said, Kemp had sold out to special interests.

Speaking to a couple hundred local residents in a leafy park, Perdue invoked George Soros, the prominent Democratic donor whose hedge fund owns $2 billion in Rivian stock and who is a frequent target of conservatives.

“We can grow the economy without selling out and giving our tax dollars to people like George Soros,” Perdue said to cheers. “We can invest in rural Georgia without kicking our communities to the curb.”

.....

But in Rutledge, antipathy for the Rivian factory has gone beyond simple not-in-my-backyard localism, at times veering into the conspiratorial.

Bruce LeVell, a Georgia businessman and an adviser to former President Donald Trump, who introduced Perdue at the rally, cast the project as an effort by Democrats to sway the vote in an overwhelmingly Republican county.

“We found out that Soros has a tremendous amount of money backing this project,” LeVell said in an interview with One America News, the far-right television network. “We don’t need George Soros involved in anything dealing with Georgia.”

https://news.yahoo.com/electric-truck-factory-became-lightning-175915725.html

 

[Blue_Devil]

13 minutes ago, kermit said:

Not NC related (yet), but the NYT had an interesting story yesterday on the planned Rivian electric truck plant east of Atlanta (near Social Circle). Based on the story it appears the right has decided to vilify Rivian, electric cars and economic development in general, so they are trying to NIMBY the factory out of Walton County (and Georgia all together). So, perhaps an opening for NC here?

https://news.yahoo.com/electric-truck-factory-became-lightning-175915725.html

 

They looked here once, hopefully again. 

[CarolinaDaydreamin]

1 hour ago, kermit said:

Not NC related (yet), but the NYT had an interesting story yesterday on the planned Rivian electric truck plant east of Atlanta (near Social Circle). Based on the story it appears the right has decided to vilify Rivian, electric cars and economic development in general, so they are trying to NIMBY the factory out of Walton County (and Georgia all together). So, perhaps an opening for NC here?

https://news.yahoo.com/electric-truck-factory-became-lightning-175915725.html

 

Purdue is trying to run to the right of Kemp. At the risk of getting political, the far right is VERY anti EV. Its an easy cheap political fight for Purdue at the expense of the local job market. The economy is obviously in a strong place when one tries to win political points by disparaging local job projects.

[deleted account]

1 hour ago, kermit said:

Not NC related (yet), but the NYT had an interesting story yesterday on the planned Rivian electric truck plant east of Atlanta (near Social Circle). Based on the story it appears the right has decided to vilify Rivian, electric cars and economic development in general, so they are trying to NIMBY the factory out of Walton County (and Georgia all together). So, perhaps an opening for NC here?

https://news.yahoo.com/electric-truck-factory-became-lightning-175915725.html

 

It's not just the right who oppose this and it's not just about opposing "green jobs":

Opponents cite a range of concerns. Some fear the factory will contaminate the groundwater. Others disapprove of the lucrative public incentives being offered to Rivian. Many worry the huge facility will change the area’s bucolic character, increasing light pollution, snarling traffic and spurring more development.

 

Some Democrats oppose the factory, too. Jeanne Dufort, a local real estate broker, attended the rally for Perdue wearing a T-shirt declaring her support for Stacey Abrams, the Democrat who is running for governor.

“We’re not red or blue,” said Dufort, who has lived in the area for 21 years and said she was concerned that the factory would irrevocably transform the area’s small-town feel. “We have carefully defined what we want this community to be, and this is not it.”

 

 

[Norm2]

4 minutes ago, JBS said:

It's not just the right who oppose this and it's not just about opposing "green jobs":

Opponents cite a range of concerns. Some fear the factory will contaminate the groundwater. Others disapprove of the lucrative public incentives being offered to Rivian. Many worry the huge facility will change the area’s bucolic character, increasing light pollution, snarling traffic and spurring more development.

 

Some Democrats oppose the factory, too. Jeanne Dufort, a local real estate broker, attended the rally for Perdue wearing a T-shirt declaring her support for Stacey Abrams, the Democrat who is running for governor.

“We’re not red or blue,” said Dufort, who has lived in the area for 21 years and said she was concerned that the factory would irrevocably transform the area’s small-town feel. “We have carefully defined what we want this community to be, and this is not it.”

 

 

Nimbyism at it's finest, it seems. A lot of those concerns are the same concerns brought for any project people don't want. Traffic, light pollution, changing the neighborhood character.  It's a shame.

[rancenc]

6 minutes ago, norm21499 said:

Nimbyism at it's finest, it seems. A lot of those concerns are the same concerns brought for any project people don't want. Traffic, light pollution, changing the neighborhood character.  It's a shame.

 

11 minutes ago, JBS said:

It's not just the right who oppose this and it's not just about opposing "green jobs":

Opponents cite a range of concerns. Some fear the factory will contaminate the groundwater. Others disapprove of the lucrative public incentives being offered to Rivian. Many worry the huge facility will change the area’s bucolic character, increasing light pollution, snarling traffic and spurring more development.

 

Some Democrats oppose the factory, too. Jeanne Dufort, a local real estate broker, attended the rally for Perdue wearing a T-shirt declaring her support for Stacey Abrams, the Democrat who is running for governor.

“We’re not red or blue,” said Dufort, who has lived in the area for 21 years and said she was concerned that the factory would irrevocably transform the area’s small-town feel. “We have carefully defined what we want this community to be, and this is not it.”

 

 

It was actually left of center progressives lead by the illustrious US Representative from New York, Alexandria Ocasio-Cortez that scuttled Amazon's massive development in NYC several years ago!

[kermit]

On 3/15/2022 at 3:46 PM, JBS said:

It's not just the right who oppose this and it's not just about opposing "green jobs":

Its not, but the significant change is, up until now, the pro-business right would tamp down and/or ignore these sorts of NIMBY concerns for projects of this size. This time Perdue has decided he can get more political mileage from being anti-business.

While the partisan portions of this are interesting (I genuinely miss pro-business republicans), I am more interested to watch how/if NC changes its economic development footing in this political environment. I hope we would still jump on these jobs if the option presents itself. 

Edited March 17, 2022 by kermit

[deleted account]

1 hour ago, kermit said:

Its not, but the significant change is, up until now, the pro-business right would tamp down and/or ignore these sorts of NIMBY concerns for projects of this size. This time Perdue has decided he can get more mileage from being anti-business.

While the partisan portions of this are interesting (I genuinely miss pro-business republicans), I am more interested to watch how/if NC changes its economic development footing in this political environment. I hope we would still jump on these jobs if the option presents itself. 

As long as it's not in my back yard...