Salisbury City Council and Rowan County Commission approve incen - | WBTV Charlotte

Salisbury City Council and Rowan County Commission approve incentives for economic development

City of Salisbury City of Salisbury
Source: Rowan County Source: Rowan County

The name of the company is still a mystery, but it's no secret that the Salisbury City Council and Rowan County Commissioners want to give it a helping hand.

On Tuesday both bodies approved giving economic incentives for a company known as Project Aero.

The incentives are based on the company investing $17.6 million on new construction and new equipment in its Salisbury facility.

That investment would lead to a tax revenue increase for the city of approximately $1,248,896 for the next 10 years.

The grant approved by the Salisbury City Council is based on how much the investment would increase the city’s tax base, and would require the city to contribute approximately $468,336 over five years.

The city would earn approximately $780,560 over the next 10 years, according to Rowan Works.

The incentives approved by Rowan County would rebate 75 percent of real and personal property tax revenue generated by the expansion for five years.

Rowan County would provide the company with a yearly tax rebate of $87,450 and would receive $29,150 each year in new tax revenue.

At the end of five years the business expansion would generate $116,000 per year of new tax revenue.

The company would not only keep 14 existing jobs, but create 24 new jobs in Salisbury that would pay an average salary of $50,000.

Copyright 2017 WBTV.  All rights reserved.

Powered by Frankly