Want to get economic incentive money in Wake County? Pay a living wage.
Wake County leaders want a new way to get businesses to set up shop in the county's poorest areas.
But there's a catch.
Wake wants to offer companies incentives to locate or expand in low-income parts of the county — but only if they meet certain requirements such as paying a living wage. Other requirements could be whether the company targets a certain industry, such as healthcare and technology, or whether the project would have a huge, positive affect on its neighbors.
New businesses or company expansions could boost areas that have high unemployment, high poverty rates and lots of vacant homes, but the county wants to make sure those new developments don't push people out.
"We've got to figure out how to bring high-paying jobs in but also bring working class folks up," said Commissioner Matt Calabria, who pushed for the new incentive.
The county should be able to give special consideration to businesses that share its values, Calabria said, adding that he'd like to see incentives considered for companies that offer paid family leave or that build energy efficient buildings.
A new county incentive is an easy way to address economic inequality while filling a hole in its current policies.
Now, a business must create 50 jobs, with a high average salary, and must make a $25 million investment in order to get county funds. The new "vulnerable communities" incentive would only require a $2 million investment and 20 full-time jobs, where the average salary is Wake County's living wage of $14.56.
Some companies interested in Wake County now don't currently meet the job and investment limits to get county money.
"Right now we have a 'you-must-be-this-tall-to-ride' economic development policy, which is fine," Calabria said. "It's what everybody does. The idea is to also recognize the kind of things we want to see in our community."
The issue will be voted on at an upcoming board of commissioners meeting.
Anna Johnson; 919-829-4807; @anna_m_johnson
This story was originally published April 10, 2018 at 5:36 PM with the headline "Want to get economic incentive money in Wake County? Pay a living wage.."