Cary to offer $50,000 to firm

CARY -- The town of Cary is angling for a major investment from an unidentified company.

At its meeting Tuesday night, the Town Council voted 6-1 to offer a $50,000 cash incentive for the unnamed company to bring 350 full-time jobs and a $5 million capital investment in "real and personal property."

Councilman Don Frantz dissented, saying that Cary itself should be alluring enough to businesses. There was no other public discussion among council members.

Cary officials do not know the industry of the company. The N.C. Department of Commerce is marketing the project through an economic development program and has revealed only a few details, said Cary Budget Director Scott Fogleman.

The 350 promised jobs would arrive by 2016 and the $5 million capital investment within the next five years under the proposed incentive contract, Fogleman said.

The average annual pay for the jobs would be $91,686.

Cary staff members are unsure how many other municipalities are competing for the project.

The company has "not yet made a decision," Fogleman said, although one is expected within a few weeks.

By offering the grant, he added, Cary is getting its piece of the puzzle in place.

The state also might offer its own incentive to the company, he said.

The Department of Commerce hasn't told the town whether the company has any current presence in Cary, but Fogleman believes the company is new to the area.

The council's vote authorizes the town manager to move forward with the contract if the company chooses Cary, but the town still could back out of the deal, Fogleman said.

State commerce officials did not reply to a request for comment.

Any state incentives package would have to be approved by the Department of Commerce's Economic Investment Committee.

The committee's next meeting is scheduled for Friday.