Incentive Programs

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.

 

State Incentives

Building Reuse

The Community Development Block Grant / Building Reuse Program (CDBG Building Reuse) is administered by the North Carolina Department of Commerce. This program provides funds to renovate and upfit vacant industrial and commercial buildings for economic development purposes. CDBG Building Reuse grants are available to local government applicants that work in conjunction with a company intending to operate in a vacant building. The company’s new or expanding operations must result in the creation of permanent, full-time jobs.

 

Foreign Trade Zones (FTZ) #57

This program is a catalyst for companies involved with international trade to improve their competitiveness and profitability.  By utilizing the FTZ program, companies can defer, reduce, or eliminate customs duties on products admitted to the zone.

 

Industrial Access/Road Access Fund

Administered by the Department of Transportation, this program provides funds for the construction of roads to provide access to new or expanded industrial facilities.

 

Job Development Investment Grant

The Job Development Investment Grant (JDIG) is a performance-based, discretionary incentive program that provides cash grants directly to new and expanding companies to help offset the cost of locating or expanding a facility in the state. The amount of the grant is based on a percentage of the personal income tax withholdings associated with the new jobs.

The amount of a JDIG award is calculated by weighing a number of factors to determine its potential value, including the location of the project, the county tier designation, the number of net new jobs, the wages of the jobs compared to the county average wage, the level of investment, and whether the industry is one of the state’s targeted industry sectors. Grant funds are disbursed annually for up to 12 years to approved companies following the satisfaction of performance criteria set out in grant agreements.

 

NC Port User Tax Credit

Companies that utilize the NC ports in Wilmington or Morehead City can become eligible for significant tax credits.

 

One North Carolina Fund

The One North Carolina Fund (OneNC) is a discretionary cash-grant program for competitive job creation projects. The NC Department of Commerce administers OneNC on behalf of the Governor. Awards are based on the number of jobs created, level of investment, location of the project, and economic impact. Awards are allocated to local governments as part of a negotiated challenge grant. By statute, OneNC requires that a local government provide an incentive match to the OneNC funding.

 

Rail Industrial Access Program

The Rail Industrial Access Program provides grant funding to aid in financing the construction or rehabilitation costs of railroad access tracks required by a new or expanding industry that will result in a significant number of new jobs or capital investment.  This funding helps ensure that companies have the railroad tracks needed to transport freight and materials.  Funding for the project is contingent upon application approval prior to the industry making the decision to locate or expand their facility in North Carolina.

 

Incentives listed on this document are not the only opportunities available.  Further, this information is provided for guidance only and cannot be relied upon due to continuous changes. Fo questions regarding these programs, please contact info@iredelledc.com