Tax-finance changes aid biotech jobs
Monday, July 31st, 2006
By Chris Fitzsimon
Legislators OK law to speed up building of research campus
VICTORIA CHERRIE
vcherrie@charlotteobserver.com
CONCORD - N.C. House members approved changes to the state’s tax-increment financing law Wednesday, a move designed to help speed up construction of a biotech campus that will create jobs for hundreds of unemployed workers in the region.
The new legislation, which already passed the Senate, allows local governments to exempt all or part of the public bidding process in public-private projects involving self-financing bonds. It specifically will help developers fast-track construction of a road to the Core Lab building at the North Carolina Research Campus that is supposed to open by November 2007.
In this case, the bidding process could take longer than Castle & Cooke, the private developer of the Kannapolis campus, has to complete the work, Kannapolis City Manager Mike Legg said.
The potential glitch surfaced during negotiations between the city, Cabarrus County and Castle & Cooke over what the local governments will pay for as part of the partnership formed to maximize benefits from the development of the $1 billion biotech campus.
Here’s how it works: Kannapolis designated an area in need of improvements, including the location of the campus. Castle & Cooke agreed to develop the campus as well as shops, offices and restaurants in the area. The governments will issue self-financing bonds to pay for parts of the project such as water and sewer lines, roads and sidewalks. The tax revenue generated from the new development will be used to pay off the bonds. (more…)
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