TITLE
Title
PUBLIC HEARING FOR CONSIDERATION OF ECONOMIC DEVELOPMENT INCENTIVE GRANT FOR UNNAMED INNOVATIVE MANUFACTURING COMPANY
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SPONSOR
Sponsor
Brantley Craft, High Point Economic Development Corporation
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BACKGROUND
Background
Having been duly noticed, the Board of Commissioners is asked to hold a public hearing and consider an economic development incentive grant, in accordance with N.C. General Statute 158-7.1, and receive public input on the proposed allocation of funds in an amount up to $300,000 for the following request:
Paragon ID High Point US, Inc formally reoffered to as Project Ticket is an existing industry engaged in innovative manufacturing work and is considering an expansion to include leasing a property at 2506 Sinclair Avenue in High Point and making a capital investment of approximately $30,000,000. The company will make a capital investment of approximately $30,000,000 and is expecting to create 99 new jobs by December 31, 2029. The average annual wage for the new jobs created is expected to be $62,250, which is above the average annual wage for the private sector of $60,195 in Guilford County (NC Department of Commerce, 2025). The company is considering the expansion at the 2506 Sinclair Avenue site, in addition to other options within the United States and in other countries. The company is also requesting state and other local incentives before making a location decision. The local approval of incentives does not commit the company to locate in North Carolina. The company's legal name will be shared in the public meeting.
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REQUESTED ACTION
Requested Action
Pursuant to N.C.G.S. 158-7.1, hold a public hearing and consider approval of an economic development incentive grant to Paragon ID High Point US, Inc. in an amount not to exceed $300,000 and a finding that the project will stimulate the local economy, promote business, and result in the creation of a substantial number of jobs in the County that pay at or above the County’s median average wage; and upon approval, authorize staff to execute grant agreements, in accordance with terms and conditions of the proposal, consistent with the County's economic development incentive policy.
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