A company considering a $1 billion investment in Lexington has prompted public hearings scheduled for Nov. 9 and Nov. 23, as city and county officials weigh incentive packages for a project so far known only by its code name: Project Emerald. If it goes forward, the facility would create 450 new jobs over five years and would mark the largest investment in both city and Davidson County history.
Lexington City Council scheduled a public hearing on the proposed incentives for 6 p.m. Nov. 9 at City Hall, according to hpenews.com. The Davidson County Board of Commissioners is scheduled to hold its own hearing on the Project Emerald incentives on Nov. 23. The identity of the company behind the project has not been disclosed in connection with either hearing.
The city's proposed incentive package includes up to $3.25 million in performance-based incentives spread over seven years, per the same report. It also includes an undisclosed relocation incentive, the specific terms of which have not been made public. Employees who establish their primary residence within Lexington city limits would qualify for additional benefits under the proposal.
Wage Requirements Draw Scrutiny
Wage thresholds tied to the deal are described differently depending on the source. The public hearing notice, as reported by hpenews.com, states that Project Emerald jobs would be required to pay more than Davidson County's average wage of $26.15 per hour, or approximately $54,395 annually. A separate report from bizjournals.com states that the jobs must pay higher than Davidson County's average private-sector wage of $54,395. Both reports give the same annual wage benchmark.
Tim Maness, identified as assistant county commissioner, provided the date of the county hearing, according to hpenews.com. Bizjournals.com reports that Project Emerald is the name attached to the company's proposed $1 billion manufacturing facility, which would bring 450 jobs to the Lexington area if finalized.
A Newly Annexed Megasite Nearby
Project Emerald may be eyeing Lexington's newly annexed 805-acre industrial megasite, according to reporting on the hearing notice. That land is tied to the Carolina Corridor Industrial Center, which Lexington City Council approved for voluntary annexation earlier this year. BPR reported in August that the council unanimously voted to annex more than 850 acres of land for the large-scale industrial park.
The Carolina Corridor Industrial Center is planned along Old Linwood Road and Junior Waterhole Road and is designed to accommodate up to 15 industrial sites. It is marketed by Winston-Salem-based Front Street Capital, which describes the property as comprising more than 900 acres with potential for more than 8.4 million square feet of buildings, according to Front Street Capital. The firm also notes the site has direct access to I-85 and is rail-served by Norfolk Southern. Available evidence does not establish whether Project Emerald has actually selected this site, nor whether the acreage figures reported by the three sources refer to identical boundaries.
How It Compares to Other NC Incentive Deals
Lexington has courted large employers before. A separate, smaller proposal known as Project Avenue involved a company considering a $39 million investment and 231 new jobs in the city, according to the-dispatch.com. That deal's proposed grant would have been capped at 0.00325 times the company's investment in plant, machinery and equipment, subject to depreciation, and paid out over three years.
Elsewhere in North Carolina, New Hanover County leaders unanimously approved up to $3 million in performance-based incentives for a Corning expansion expected to add 414 jobs and represent a $585 million investment, according to wilmingtonbiz.com. The county's $3 million portion would be paid over five years, with annual payments capped at $600,000.
North Carolina General Statute G.S. 158-7.1 lists authorized development measures and public-hearing requirements. For now, Lexington and Davidson County residents are left waiting to see whether the company behind Project Emerald — and the outcomes of the city hearing scheduled for Nov. 9 and the county hearing scheduled for Nov. 23 — will be made public.
