The Davidson County Board of Commissioners have set a public hearing for 6 p.m. Sept 22 for an economic incentive package being requested for “Project Cobalt Green.”
According to a commissioners’ legal notice, the unidentified company has said it would create at least 120 jobs and spend at least $15.4 million, both over a three-year period. The average annual wage would be $70,000.
In return, the county would provide performance-based economic incentives of up to $41,580 per year for three years.
On Sept. 8, the commissioners approved providing up to $83,160 in economic incentive per year for three years for “Project Yacht.” The Lexington City Council approved on Sept. 8 between $83,800 and $150,000 in performance-based incentives.
That unidentified manufacturer has pledged to create between 50 and 80 full-time jobs and spend between $25.8 million and $30.8 million on capital investments over three years. Project Yacht capital investments would include real estate and leasing arrangements, equipment and machinery.
Lexington City Manager Johnnie Taylor told council Project Yacht “provides materials for a lot of different manufacturers” nationwide.
There would be 15 jobs created by Nov. 1, 2026, as well as an additional 19 jobs by Nov. 1, 2027, and an additional 16 jobs by Nov. 1, 2028.
Project Yacht would pay an average annual wage exceeding the county annual average of $45,803.
N.C. Commerce Department is likely to offer state incentives to Project Yacht.
The Lexington council also approved a resolution of support for Project Yacht’s application for a $250,000 state rural division building reuse grant.
Those funds typically come from the state Rural Infrastructure Authority and require at least a 5% local match, in this instance $12,500.
rcraver@wsjournal.com
336-727-7376
@rcraverWSJ
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