Plum incentive approved
Davidson County commissioners approved a $2 million incentives package Tuesday to bring a $24 million industrial expansion to Thomasville.
Commissioners approved the incentive for the company on a unanimous vote. During a public hearing on the plan, commissioners did not identify the company.
With the county unemployment rate at 10 percent, the 250 jobs the unnamed “Project Plum” company has promised are much needed. From 2001 to 2011, Davidson County lost more than 9,000 jobs.
“These grants will stimulate the local economy, increase the county tax base and revenues, result in the creation of employment opportunities,” said Commissioner Larry Potts, “and promote the welfare of the county and it citizens.”
The plan includes up to $1 million in county money for the purchase of portions of three properties which total about 142.8 acres for a new plant on Clarksbury Church Road. The properties are near three wood products companies and the Lowes millwork and flatbed distribution center.
The county would lease the land to the “Project Plum” company for 10 years at $100,000 a year, Potts said. If the company meets the proposed investment, job, and wage requirements each year, the county would pay “Project Plum” an annual grant, of no more than $100,000, for 10 years. The plan offers a potential payback in 10 years.
Project Plum is the largest potential project since Timco Aviation Systems announced in September 2010 plans to create 500 jobs in Wallburg. The county had 18 economic-development projects during 2012 – third most in the country for micropolitans, Site Selection magazine reported recently.
Investment: $24 million in new plant, machinery and equipment
Jobs: 250 jobs, paying more than the county average of $14 per hour, over three years.
Incentive: $1 million from county funds to purchase portions of three parcels of properties on Clarksbury Church Road off U.S. Highway 64 East in Thomasville. $1 million grant for 10 years for job creation.