Haywood County is no longer considered one of the most prosperous North Carolina counties, and Economic Development Director Mark Clasby considers it “a boon.” Companies making a $2 million or greater “investment in a county” are eligible for up to $750 in tax credits per job in a Tier 3 county. In a Tier 2 county, companies investing only $1 million may be eligible for up to $1500 in tax credits per job. The tiers for Article 3J tax credits are determined by a relative ranking of counties in terms of per capita property tax, population growth, median household income, and average unemployment rate. Haywood County fell from 81st to 77th.
Currently, no businesses qualify, and since the designation is only for one year, some don’t think it means a lot. Economic Development Commission Chair Gavin Brown thinks the county may benefit more from the grant to Haywood Vocational Opportunities from the state’s Rural Fund. State redistributions are also available from the One NC fund and industrial revenue bonds. Counties can offer their own property tax incentives as well.
Ten years ago, Haywood County offered an economic incentives package to CVS.
Clasby said county leaders at the time crafted the agreement so that incentives to be performance based had to be repaid in the event the industry didn’t honor its end of the contract. That was the case when CVS vacated the building and it was vacant until ConMet, a vehicle parts manufacturer, expanded its Bryson City operations. Because of the claw back terms, Clasby said enough funds were collected to help pay for the present shovel-ready site to be cleared at the industrial park.
