Cabarrus County commissioners have approved an incentive package for an Atlanta-based real estate firm that plans to build a 100-pus acre industrial project in Concord and requested infrastructure improvement reimbursements instead of a traditional economic development grant.
“This is certainly an impressive project,” board chair Steve Morris said. “Six hundred jobs, a million square feet and $50 million investment–this is the kind of thing that a lot of counties in North Carolina would certainly love to have the opportunity to talk about.”
Project Hercules/TPA Group would receive infrastructure reimbursements as much as $1.48 million, which is what the typical five-year grant at 85 percent of the project’s added tax value would equate to in TPA’s case, The Independent Tribune in Concord has reported.
The facility would be located at 6501 Macedonia Church Rd. in Concord, near the intersection of N.C. 73 and Kannapolis Pkwy. The infrastructure reimbursements will only be paid once the infrastructure work has been completed.