‘Project Midas’ to invest $5 million in Union County
Charles Warner Editor
UNION COUNTY — The new year is getting off to a good start with the announcement that a Delaware firm is looking to invest $5 million in a project to be located in Union County.
Identified only as “Project Midas” by an inducement resolution with the county, the company, according to the resolution “is considering the construction and installation of a landfill gas project upon certain properties in Union County.” It further states that as part of this project the company will invest at least $5 million in new equipment at and improvements to the property where the project will take place.
All this, however, is dependant upon the county entering into a fee-in-lieu of taxes agreement requested by the company. The resolution states that the agreement will take effect no later than “December 31 of the year in which the initial portion of the of the project assets are placed in service.” It further states the agreement will expire on Dec. 31 of the “30th year following the last year during which the project assets are placed in service.”
Once in effect, the fee-in-lieu of taxes agreement will enable Project Midas to pay a lower property tax rate on the project for the duration of the agreement.
The resolution, which was approved by Union County Council Tuesday night, states that the county “has determined that the project will benefit the public welfare” with benefits that outway any costs to the public.
When asked to comment on the agreement, the identity of Project Midas, and the location of the project, Supervisor Tommy Sinclair declined to provide any more details beyond what is contained in the inducement resolution. He did, however, say that it is the kind of industry the county is working to recruit.
“It certainly will benefit the county,” Sinclair said. “When the details are revealed it will use advanced technology which is the type of industry we’re seeking. It does start the year off in the direction we want to head.”
Editor Charles Warner can be reached at 864-427-1234, ext. 14, or by email at email@example.com.
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