A strong business presence is vital in the success and well-being of our Iredell County communities. Whether you’re a new business looking for the place to call home or an existing business hoping to expand or reinvent your operations, our incentive programs may be able to provide the support you need.
Iredell County, City of Statesville, Town of Mooresville, and Town of Troutman offer discretionary local economic development incentives to qualifying industries based on investment, job creation, and wages.
To qualify for discretionary incentives:
- New companies must meet invest a minimum of $3,000,000 in new capital investment, resulting in at least $3,000,000 in new tax assessed value;
- Existing companies must invest a minimum of $1,000,000 in new capital investment, resulting in at least $1,000,000 in new tax assessed value;
- Consideration will be given to the retention and new jobs created, at or above the County Average Wage;
- Town/City/County Elected Officials must approve hold a public hearing and approval the incentive by a majority vote.
- If the incentive is approve, the company has 180 days from the date of hte public hearing to execute the agreement.
Payout is based on the assessed value as a result of the new capital investment and is calculated using the tax rate of the government entity multiplied by a percentage (80% for the County and 75% for the municipalities for real property tax and 50% for business personal property tax).
All local incentives are performance based which means the company must make the investment and meet any other requirements prior to requesting payment. The company can not make any committments or investmenst prior to the public hearing approval.
For more details on incentive requirements and qualifications, please view our Iredell County Municipal Economic Development Discretionary Grant Overview document. To get started, or if you have questions, please contact us.