On Wednesday the City of Hickory and the Catawba County Economic Development Corporation announced two Economic Development Agreements for companies to purchase space at the Trivium Corporate Center located between Robinwood and Startown Road.
Corning Optical Communications LLC, a division of Corning Incorporated, has agreed to expand its manufacturing operations, hire and maintain a minimum of 132 jobs at an average salary to exceed $65,000/year, and invest between $170,000,000 to $267,900,000 under the terms of their agreement.
Corning will receive Lot 11 at no cost to the company (32.92 acres at $95,000/acre, valued at $3,127,400) and will receive grants based on future real and personal tax receipts of 57.5% for five years, up to a maximum additional value of $2,687,782 from the County and $3,102,587 from the City of Hickory.
American Fuji Seal agreed to create at least 20 jobs and make investments in their existing facility in Trivium and to create a new facility with a minimum investment of $10M with potential investments of up to $30 Million or more over the next three years.
AFS will purchase Lot 7 for $668,860 and has the option of receiving incentives on future investments to pay back all or a portion of that amount back based on their investments in these facilities. If they invest more than $30M under the terms of the agreement they will be able to apply 75% of future payments to the City of Hickory and Catawba County toward that $668,860 purchase price up to the total.
All of these agreements are contractually based with minimum performance provisions in the event of default as required by NC General Statutes.