The state giveth and the state taketh away.
That was the message of a Thursday meeting from the committee that oversees the state's incentives programs.
The N.C. Department of Commerce's Economic Investment Committee approved a payout to Dex One, saying the Cary yellow pages publisher had met its job targets. But INC Research in Raleigh fell short of its goals and won't receive any money.
Deborah Barnes, spokeswoman for Commerce, said the results showed that the state's incentives program works. Providing tax incentives to companies that agree to relocate to North Carolina has been widely criticized. But Barnes pointed out that companies only receive money from the Job Development Investment Grant if they meet yearly hiring goals.
Dex One, which changed its name from R.H. Donnelley after emerging from bankruptcy at the end of January, not only made its targets, it exceeded them.
The company needed to create 220 jobs, make capital investments of $2.5 million and pay an average annual wage goal of $50,000, to receive its maximum payout this year. Instead, it created 268 jobs, invested $8.27 million and paid an average annual salary of $106,000.
As a result, it will receive a grant payment of $450,000.
INC Research, on the other hand, didn't fare as well. The Raleigh company, which does clinical testing for pharmaceutical companies, was short of its targets.
INC created 104 of a needed 171 jobs. The maximum amount it could have received this year was $96,903.
An IBM subsidiary in Charlotte, IBM Lender Business Process Services, also fell short, and will not receive a grant payment this year.The JDIG program returns to companies a portion of the withholding tax paid by new employees. It is typically spread over 10 years, with companies having to meet yearly targets to receive a payment.
Barnes said that both INC and IMB Lender could receive future payments if they return to compliance.
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BSH Home Appliances is walking away from $1.56 million in possible state incentives.
The company, which makes pricey appliances at a factory in New Bern, has asked the state to terminate its participation in the Job Development Investment Grant program.
In making the request, the company said it had been unable to make its hiring targets because of the economic downturn and did not anticipate being able to do so, said Deborah Barnes, a spokeswoman for the N.C. Department of Commerce.
BSH is a subsidiary of German manufacturer Bosch. It had announced in 2006 that it would add more than 225 jobs over a five-year period and invest $11 million in its Craven County operations.
If it had created all the jobs called for and sustained them for 10 years, BSH would have received a maximum benefit of $1.56 million under the JDIG program.
