Town of Apex Development & Investment Grant
Approved: December 6, 2016
The objective of the Development & Investment Grant is to encourage the location, retention and/or expansion of new or existing business and industry that will create jobs and private investment in the Town of Apex. This incentive policy provides information and guidance for the Town when considering assistance. This policy will serve as a baseline for consideration and could be amended and/or expanded. Award is subject to published notice and public hearing prior to approval of an economic development incentive agreement which will establish clear goals, timelines, conditions for receipt, and other project specific terms.
New Investment Threshold
New investment is defined as "improvements to real estate, machinery, equipment, and other business personal property." The value of land is not included. Investment information will be gathered from the Wake County Revenue Administrator.
New Jobs Threshold
New jobs are defined as a new, net increase in the company’s number of full-time employees at the company’s Apex location. Full-time is defined as an employee working at least 35 hours per week and whose wages are subject to withholding. The jobs must also meet a salary minimum of 100% of the average wage for Wake County as defined by NC Commerce Finance Center. Salary and employment documentation will be gathered from NC Employer’s Tax and Wage Reports.
A business or industry may be eligible for a Development & Investment Grant if they meet both a new investment threshold and a new jobs created threshold. Special consideration may be given for projects that do not meet the thresholds, but have other compelling criteria, such as corporate headquarters, reputation/name of company, etc. This policy pertains to businesses located/locating within the Town of Apex corporate limits. If the business site is outside the corporate limits, they must submit a petition for annexation to the Town Council. In addition, in accordance with State of North Carolina eligibility requirements, the business must produce evidence that but for the assistance from the Town, they would not make the investment within the Town of Apex. The business should also be in the decision making process, and not previously announced and/or decided to make their expansion or location in the Town of Apex.
The following outline depicts the minimum thresholds, award and timeline:
|Grant Type||Investment Minimum||Jobs Minimum||Incentive Percentage||Max Years|
|Town of Apex|
|$3 million||20||90% new tax growth||3|
State Grant – Local Match Requirement
If a company qualifies for a state discretionary incentive grant, it requires local government participation. Wake County will assist in the requirement by providing funds that equal 35% of the new tax growth generated by the company. The Town of Apex would be responsible for the remaining funds to fulfill the match requirement. This local match may be in lieu of the Town of Apex Grant consideration. The following outline depicts the minimum thresholds, award and timeline:
|Grant Type||Investment Minimum||Jobs Minimum||Incentive||Max Years|
|State Grant – Local Match Requirement||$5 million||25||Required amount of match, minus the funds provided by Wake County.||5|