During Tuesday’s meeting of the Union County Council, members voted unanimously to pass an inducement resolution to recruit an investment in the county by a company identified to the county as “Project Modern.”
The resolution states it is anticipated that the project will represent an investment of approximately $25 million in new, taxable investment and the creation of approximately 170 new, full-time jobs with benefits in the county between Jan. 31, 2013 and Jan. 31, 2016.
The resolution also states the purposes to be accomplished by the project include economic development, keeping of jobs, and addition to the tax base of the county.
The project investment shall be included under and subject to an existing FILOT (fees-in-lieu-of-taxes) agreement between the county and the company, and the investment period provided in the FILOT agreement will be extended by five years. Also, the term of an existing SSRC (special source revenue credit) incentive agreement between the county, the company, and the lessor shall be extended by five years.
By Derik Vanderford, Staff Reporter with The Union Daily Times
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