MOORESVILLE – Although we don’t yet know the name, we know – broadly – what they do.
At the Aug. 6 Mooresville Board of Commissioners meeting, Mooresville South Iredell County Economic Development Corporation’s Chris Younger said a cloud-based data company might open a facility in Mooresville.
“Iredell County Economic Development is proud to announce Project Boxes’ potential plans to locate their data center and manufacturing facility in Mooresville,” Younger said to the board.
Younger said the company – known now to the public only as “Project Boxes” – plans to open a facility that would generate between $25 million and $174 million in new tax investment over a five-year period.
It would also create 44 full-time jobs paying above the county’s average wage.
Younger said the company planned to equip its new facility with “the latest technology of cloud-based data storage.”
The company is also a manufacturer and plans to use the latest production-line machinery and equipment.
At the Aug. 6 meeting, Younger requested the board approve a tax grant-back economic development incentive for Project Boxes.
That incentive agreement would be in effect for seven years, but it would be based on a minimum investment of $25 million from the company and would not equal more than $3.6 million.
The estimated annual incentive amount would be, at most, $514,286 per year.
No one spoke during the matter’s public comment period, and the board unanimously approved the incentive.
On Aug. 7, Iredell County commissioners also had a public hearing and took action regarding Project Boxes. No one spoke at the hearing, and the board also approved the economic development incentive.
County documents state the economic development incentive would not exceed $3 million over a seven-year period based on an investment range between $20 million and $175 million in Iredell County. The expenditures will be used for the expansion of an existing facility along with capital equipment. Funding will be the general revenues of Iredell County and in accordance with the Iredell County Incentive Policy with an aim to create employment opportunities.
The documents state the matter is contingent upon a contract being executed within 180 days.
Project Deacon returns
The board approved another economic development matter at the Aug. 6 meeting – an amendment to an economic development incentive approved in February.
The incentive was for a company known only to the public as “Project Deacon” for now. The company is a manufacturer and has an existing manufacturing facility in Mooresville, according to Younger.
In February, the board approved an economic incentive agreement between the town and Project Deacon for no more than $1,311,706, with an average of $187,387 being allocated to the company annually for seven years.
Project Deacon is expected to invest an estimated $52.1 million and create 20 full-time jobs.
Younger asked the board Aug. 6 for an extra $60,000 in the form of a discretionary grant for Project Deacon.
Younger said the grant would be used to expand the company’s Mooresville manufacturing facility by 7,500 square feet and replace two of its older production lines with “the latest technology in production-line machinery and equipment.”
Younger said the facility also needed infrastructure upgrades for its water lines, electrical and gas.
No one spoke during the matter’s public comment period, and the board approved the amendment unanimously.
When Younger finished presenting for the day, Mayor Miles Atkins told him, “Good work. Good work.”