The Cary Town Council will consider Tuesday granting $23,500 in incentives to an unnamed company considering relocating its headquarters to Cary.
Under the incentives package, the company would bring $1.3 million in capital investments to the area along with 47 jobs with an average annual salary of $85,000, according to a Cary staff report.
The state Commerce Department is negotiating the deal and doesn’t release details about the company.
The Cary incentives would be granted in conjunction with a One North Carolina state grant, which requires a local government match. The company would refund the town and state if it fails to meet undisclosed performance criteria after three years.
Cary could recoup its $23,500 investment in new taxes within 5.2 years, the report says.
The Cary Council already has tentatively approved the incentives package in a closed session, according to the report. But the town can’t release the funds until it holds a public hearing on the proposed incentives.
A hearing is scheduled at the Town Council’s meeting Tuesday, which starts at 6:30 p.m. During the hearing, residents can comment on the proposed incentives before the council takes a vote.
Kyle Greer, vice president of economic development for the Cary Chamber of Commerce, said he is familiar with the company. While he wouldn’t disclose specifics, he said he’s excited about prospect of diversifying Cary’s business community.
“They’re good jobs,” Greer said. “It’s exciting to me because it would broaden the types of industry we have here.”
The town incentives package is a far cry from what the town offered tech-firm HCL last year and MetLife the year before.
In September, Cary granted $123,700 to HCL as part of a deal that requires the company to create 1,237 jobs in Cary with an average annual salary of $51,653.
In 2013, the town agreed to grant $1.9 million to insurance giant MetLife to create nearly 1,200 jobs with an average annual salary of $80,000.
The meeting agenda
The Cary Town Council is scheduled to meet at 6:30 p.m. Tuesday at Town Hall, 316. N. Academy Street. The council agenda is longer than usual.
The town plans to hold five public hearings, among them a request to annex and rezone 55 acres of property at the corner of Ten-Ten and West Lake roads. The applicant, Bruce Herbert of Reliabuilt, is seeking to build up to 105 homes on the site.
The 15 topics the council will address include:
▪ Changes to some of the town’s finance policies.
▪ A request by Google to erect huts on town property as it plans to install Google Fiber.