August 1, 2007

Kerr-Tar Hub closes land purchases, triggering highest level of jobs tax credit for companies that locate in Hub sites

Henderson, N.C. – Officials for the Kerr-Tar Hub economic development project closed on purchases of three Hub sites today, enabling these and all future Hub sites to offer the highest level (Tier 1) of jobs tax credit to companies who locate there.

The land closings were the latest steps forward for the Kerr-Tar Region’s award-winning and innovative strategy, designed to spark economic growth for its four member rural counties located in the northern part of the Research Triangle Region of North Carolina.

“Our Tier 1 designation provides a significant financial benefit for businesses that locate within our network of specialized industrial parks,” said Danny Wright, chairman of the Kerr-Tar Regional Economic Development Corp., the 501(c)(3) formed to own and develop the Hub project.

Under the William S. Lee tax credit legislation, the N.C. Department of Commerce offers $12,500 tax credits for every job that companies create in Tier 1 counties, a state designation that determines priorities for economic development financial assistance. As part of the legislation, all Kerr-Tar Hub sites qualify for Tier I status if any of its member counties are Tier I counties. Since Warren County is a Tier 1 county, Hub sites in all four Hub member counties now qualify for Tier 1 status.

“This financial incentive means that companies that want to be part of the thriving Research Triangle Region can greatly reduce the cost of growing their business by locating in one of our Hub sites,” Wright said. “We’re well suited to serve all types of high- and mid-tech companies, from advanced manufacturing to warehousing and distribution, and businesses that service and supply them.”

The three Hub sites purchased were:

• Franklin County Hub Site – 250 acres across from Franklin County Regional Airport on Airport Road off of U.S. Highway 401.
• Granville Business Park – 510 acres along the west border of Interstate 85 from exit 206 to exit 209, with initial access near Exit 206.
• Warren County Business Park – 350 acres of the 860-acre site certified for development as a Hub site that is off of Interstate 85 and U.S. 1/158 in Manson. Warren County also has an option on an additional 168 acres, which will bring the Warren County site to more than 1,000 acres, qualifying it as a mega-site.

Negotiations are under way to purchase a fourth site, Vance County Business and Technology Center, comprising 496 acres on the northeast side of Interstate 85 and Poplar Creek Road at exit 209.

The site purchases follow several recent milestones for the Kerr-Tar Hub project:

• Franklin County officials broke ground June 7 on the first shell building on the Franklin County Hub site, adjacent to Franklin County Regional Airport. (Read more)
• The Kerr-Tar Regional Economic Development Corp. has been selected as one of 20 finalists nationwide in the 2007 Center for Sustainable Communities Awards Program, the latest national recognition for the Hub project. The awards program recognizes projects in which counties partner with other governments, the private sector and community leaders to make their communities more economically prosperous, environmentally safe and socially equitable. The award winner will be announced in September. (Read more)
• Kerr-Tar Hub officials received a business plan recommendation from consultants July 26 for operating the Hub project and marketing its sites. The board contracted with two regional partners, the Small Business Technology and Development Center and Research Triangle Regional Partnership, to outline how the Hub will operate in collaboration with member counties, regional economic development efforts and partners. Board committees will develop action plans to move forward on operations and marketing, based on the recommendations in the business plan.
• Hub board members were approved in July to serve during the coming year, representing member counties and key external partners. Officers are: Chairman Danny Wright Vance County Commissioner; Vice Chairman Don Lancaster, Franklin County Commissioner; Secretary W. E. Averette, Granville County Commissioner; and Treasurer Clinton Alston, Warren County Commissioner. (See the full board list)

The Kerr-Tar Hub is an award-winning rural economic development initiative of four counties (Franklin, Granville, Vance and Warren) to spark economic growth and opportunity in the Kerr-Tar Region of north-central North Carolina. The Hub offers affordable, certified (shovel-ready) sites for companies that want to locate and expand their businesses in the Research Triangle Region of North Carolina, home to The Research Triangle Park. For more information, visit www.kerrtarhub.org or call the Kerr-Tar Regional Council of Governments, project administrator, at (252) 436-2040.