DURHAM — Durhams City Council approved a $400,000 incentive Monday night for GE Aviation to expand its assembly plant on South Miami Boulevard.
The expansion is meant for assembling lightweight components for jet engines built with breakthrough technologies the company has under development, according to city Economic Development Director Kevin Dick.
GEs Durham plant is at the forefront of manufacturing processes, said Ted Conner, economic development vice president at the Greater Durham Chamber of Commerce. This engine really represents the next generation of smart, fuel-efficient engines in the world.
As planned, the project entails a $29 million capital investment that would create 50 new jobs paying an average salary of $60,000 a year, and yield $557,000 in new tax revenue over five years.
GE also is asking Durham County for a $200,000 incentive.
The incentive is to be paid over five years. Under terms of the agreement, GE must make verified capital investments of at least $24 million within three years; document creation of 50 jobs; submit a workforce development plan to the city and use the citys JobLink service in recruiting employees.
It needs to be said that manufacturing is not dead in Durham, said Conner, who spoke in support of the incentive before the council vote. Over the past 10 years, he said, manufacturing has had tremendous growth (and) leading edge technologies have led the way.