A special meeting of the Buncombe County Board of Commissioners has been called for May 14 at 4:30. Public hearings will be held:

  • To consider a cash economic development incentive for Project X
  • To consider acquisition of property for Project X
  • To acquire and improve and exchange Facility B for Facility A and lease Facility A to Project X.

In question is $2.68 million in cash grants payable over ten years in exchange for “investment in the community” and the creation and retention of jobs paying thusly:

The average wage of the significant number of current fulltime persons in the area is $57,000 and the average wage to be paid to the persons in the 52 new fulltime jobs would be approximately $40,000 per year, which is higher than the county’s average wage.

If that sounded a little twisted, consider how the county shall handle the real estate gifting:

Facility B will cost the county $1.075 million with site prep estimated at $3.5 million. When the building is more or less complete, with an estimated FMV of $4.9 million, the county will give it to Project X in “exchange” for Facility A. The county will make about $10.6 million worth of improvements to the site of Facility A, and recover costs by leasing it to Project X.

Funding will come from limited obligation bonds.

The special meeting will commence half an hour before corporate welfare’s most vociferous enemy in Buncombe County must be on assignment in City Hall – Nah, couldn’t be.