RANDOLPH COUNTY — The Randolph County Board of Commissioners will take up an economic incentives package valued in the tens of millions of dollars for a major manufacturer to set up an operation at the Greensboro-Randolph Megasite, another indication that a long-sought tenant for the site may finally materialize.
The commissioners will hold a public hearing at 9 a.m. Dec. 6 at the Continuing Education and Industrial Center of Randolph Community College at 413 Industrial Park Ave. in Asheboro, according to a notice released Tuesday afternoon. The seven-page notice details incentives for the unidentified company that appears to be a Toyota Motor Corp. electric vehicle battery operation.
During a 20-year period, Randolph County would pay the company incentives equal to 60% of its annual property taxes if it meets the first phase development goals of creating 1,750 jobs and making a $1 billion private investment. The incentives would increase to 70% of the company’s annual property taxes if it meets the second phase goal of 3,875 jobs and $3 billion investment.
In addition to the tax-based incentives, Randolph County intends to consider transferring ownership of all or a portion of the properties currently owned by the county and the Greensboro-Randolph Megasite Foundation to the company. The notice indicates the total size of the possibly transferred properties to be 626 acres valued at $21.8 million.
While state and area officials aren’t releasing a name of a possible megasite tenant, the business news service Bloomberg and Automotive News have said Toyota plans its project for the site in northeastern Randolph County near Liberty.
Another indication is that the Greensboro-Randolph Megasite Foundation has petitioned the U.S. Army Corps of Engineers for approval to do work on the site for an automotive storage battery manufacturing facility.
The megasite was formed starting 10 years ago as a site set aside for a large-scale manufacturing employer.
The megasite last gained public notice four years ago when it was a finalist for a joint Toyota and Mazda car manufacturing plant. The two companies settled on a site in Alabama.
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