UNION — Support for the ongoing growth, expansion and diversification of Union County’s economy continued Tuesday with the approval by Union Council of incentives for three industries.
Belk Inc. is investing $4.5 million in its new ecommerce distribution and fulfillment center on U.S. 176 in the Jonesville area. The facility is an expansion of Belk’s eCommerce fulfillment center in Pineville, N.C., was unable to accommodate the growth of the company’s Internet business despite undergoing a expansion. The company’s investment in the Jonesville center is projected to generate 124 new jobs over the next five years.
Gestamp Automocion South Carolina, LLC is investing $60 million in a 150,000 square foot expansion of its manufacturing facility off U.S. 176 in the Union area. The expansion, which is designed to increase the facility’s capacity to handle increased production from new business contract, is projected to create approximately 120 new jobs.
To support these expansions, Union County Council voted unanimously Tuesday to approve third final reading of an ordinance authorizing a fee agreement and special source revenue credit for Belk and a fee in lieu of taxes agreement with Gestamp.
A fee in lieu of taxes agreement allows a company to pay a lower property tax rate. The fee in lieu of taxes agreements approved by council for Belk and Gestamp lower their property tax rate from 10.5 percent to 6 percent.
The special source revenue credit authorized for Belk is a tax credit that lower a company’s taxes with the savings used for infrastructure.
Council also voted unanimously to approve an inducement resolution and first reading in title only of a fee in lieu of taxes agreement for Lockhart Power.
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