Tax breaks in Concord, NC are creating jobs for our community. Much credit goes to leadership from our business men and women in the community. But equally important is the partnership businesses have forged with municipal planners who keep the best interests in mind when encouraging business. Sound municipal management provides the security to keep businesses going. Responsible urban planning is allowing Concord to grow in sustainable ways. And consumers who love working, buying and playing are the real foundation for Concord’s record savvy growth.
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How tax breaks are working in Concord and nearby
Concord City Council recently approved an incentive grant to SkyGroup Investments, LLC to attract the company to create a 6,000 sq ft. entertainment company called “iFly”. The location is planned for Lyles Lane in Concord. The effort is estimated to pay more than $848,000 in salaries to local workers who would service more than 50,000 customers every year.
The Independent Tribune reports that the grant would reimburse 85% of the company’s property taxes during the next three years. For those not familiar with the concept, iFly is already in Charlotte, NC and serving up equal parts adrenaline and exhilaration.
Concord is also mindful to protect the interests of long-time residents. It’s worth mentioning the contribution government leadership has offered including a few key community leaders who have been instrumental in effecting change in the last decade. Mayor Padgett was elected in 2001 after serving on the City Council previous to that since 1995.
“We have many challenges today. But they are no greater than those faced by our forefathers. Working together, we can make this an even better place in which to live and work.” – Mayor Padgett
Offering Incentive Grants to Businesses in Concord, NC
The City of Concord is actively seeking businesses who are looking for promising opportunities to get started in growing communities. The economic welfare of Concord is directly linked to the businesses and industries who establish in the area. Commercial entertainment, manufacturing, assembly, research & development, warehouse distribution and general office and business buildings are among the major targets for the City of Concord. Requirements include that the business make a minimum capital investment of $1.5 million. All incentives offered will be vetted by Concord City Council and public hearings.
City of Concord Grants
It’s up to our citizens to put the word out that Concord will consider tax breaks for businesses. The programs are carefully vetted and implemented. Prospects can view requirements on the subject at www.ConcordNC.gov where program guides are available:
Cabarrus County’s bigger agenda
The larger Cabarrus County economic development agenda includes similar incentives for businesses relocating to its area. Any company looking to build or relocate stands to benefit greatly when working within the Economic Development agenda.
Grant |
Description |
Requirements |
Cabarrus County Economic Development Grant Program |
To help increase employment opportunities in Cabarrus County |
Minimum capital investment $1.5 million. Equivalent to 85% taxes paid for 3 consecutive years |
City of Concord Economic Development Grant Program |
To stimulate job growth of new or existing industries in the City of Concord |
Minimum capital investment $1.5 Million. Equivalent to 85% taxes paid for 3 consecutive years |
North Carolina State Incentives
North Carolina is following an overall trend in reducing taxes to attract new businesses and maintain existing growth. According to NC Southeast, new tax reform has lowered the overall corporate tax rate by 42% since 2013.
- State Mill Rehabilitation Tax Credits
- State Incentives for Renewables and Efficiency
- Other Federal and State Historic Preservation Tax Credits
Tax breaks in North Carolina are changing the playing field in business and community.
