TITLE
Title
PUBLIC HEARING FOR CONSIDERATION OF ECONOMIC DEVELOPMENT INCENTIVE GRANT FOR IQE, INC. (PROJECT ELECTRO)
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SPONSOR
Sponsor
Marvin Price, Greensboro Chamber of Commerce
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BACKGROUND
Background
Having been duly noticed, the Board 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 $2,618,623 following request:
IQE, Inc., also known as Project Electro, is the leading global supplier of compound semiconductor wafer products and advanced material solutions to the global semiconductor industry, is seeking to expand its business and is expected to generate approximately $305,000,000 in personal property investment in Guilford County and create 109 new full-time jobs by December 21, 2027. The average wage of the jobs is $64,908. The company is considering expansion at its existing Gallimore Dairy Road site, in addition to other options within the United States. 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.
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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 IQE, Inc. in an amount not to exceed $2,618,623; 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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