HOPE MILLS — An undisclosed U.S.-based company is considering establishing a new manufacturing and distribution center in Hope Mills, according to a town public hearing notice.
The proposed project, currently being referred to as “Project Shade,” promises to create a $10 million investment in real estate and equipment. If approved, the project looks to create at least 45 full-time jobs with an average pay of $38,000 by 2026.
The company is looking to establish the center at 103 Tom Starling Drive, according to the public hearing notice.
The Hope Mills Board of Commissioners will hold a public hearing at 7 p.m at Town Hall on June 16 on the town’s proposed economic development incentive.
“We are trying to entice industrial development to come,” said Town Manager Chancer McLaughlin. “Industrial development has the highest tax value for the town. This will increase our tax base to $10 million overall and generate about $50,000 in revenue.”
The town’s incentive offer includes an infrastructure grant of $750 per job created, not to exceed $33,750, according to the public hearing notice. To receive this funding, the company must meet the job creation goal, as well as document infrastructure expenses over $67,000.
The company is also requesting a gas line extension, a “cost [that] was not anticipated” by both the business and the property owner, according to a memo from Robert Van Geons, CEO of the Fayetteville Cumberland Economic Development Corporation. CityView obtained a copy of the memo, which Van Geons sent to McLaughlin on April 3, requesting a town public hearing on the project incentives.
The gas line extension is projected to cost $67,123 and will initially be funded by the business. However, the company is asking the town to provide a grant to help offset the cost, according to town officials.
Mayor Jessie Bellflowers noted that the company may also request grant support from the county.
“We don’t have to pay our share unless they [the company] provide 45 new jobs,” Bellflowers said.
According to Van Geons’ memo, the town stands to receive over $50,000 annually in tax revenue, while the new jobs would infuse nearly $2 million annually into the local economy through wages.
“I think that’s a pretty good return on investment going forward for a grant of $33,750,” Bellflowers said. “It’s an investment that generates tax revenue for the community.”
Bellflowers sees the proposal as both a sound investment and a win for the town.
“Anytime a new industry comes to town, it brings a positive economic impact,” he said. “I see it as a strong sign of investment in the Hope Mills community.”
During the June 16 meeting, the board will hear from the public and vote on whether to proceed with the proposed grant and partnership.
