SILER CITY — The Siler City Board of Commissioners unanimously approved an economic incentives package for the Wolfspeed development project during a regular meeting on Monday evening.
The approved package marks the next step in the relationship between the town and Wolfspeed, a silicon carbide chip manufacturing company. The company announced on Sept. 9 that it would build its largest facility in Siler City and bring over 1,800 jobs to the Chatham County area.
The approved incentives passed by the board allow the town to pay a Business Investment Grant (BIG) and a Land Acquisition Business Investment Grant (LABIG).
The BIG payments will be available during the first 20 years of the development, starting in 2023. Property taxes are reduced at the following rate, if the companies meet job and investment goals. Performance would be measured by the creation of eligible jobs:
• 90% in years 1-4
• 80% in years 5-8
• 75% in years 9-11
• 60% in years 12-15
• 50% in years 16-20
The LABIG from Siler City, which would reimburse the company for the land it purchased from the town, will amount to more than $7.6 million over 20 years. The payments will continue until the town has met its obligated contribution.
To receive either grant payment, Wolfspeed must pay property taxes and meet minimum job requirements on schedule. If the company fails to do so, the town will reduce its obligated payment until Wolfspeed meets the criteria to receive the money in full.
In return, Wolfspeed officials said the company would invest over $5 billion into the town and Chatham County, provide over 1,800 jobs and start partnerships with schools in the county and surrounding areas to help reap a workforce for the new facility.
“We’re really happy to be here,” Wolfspeed’s Director of Global Project Management Chris McCan said. “We really love coming to communities and leaving … a good impact on hosting communities and becoming a part of the group here. So we’re really thankful for the warm welcome we’ve received, and I’m looking forward to continuing this relationship.”
• Commissioners unanimously approved the annexation of the Wolfspeed property into the town limits during Monday night’s meeting.
• The board approved the allocation of CDBG funds to go toward the construction of a 500,000-gallon elevated water tank for the Wolfspeed construction site.
• Commissioners held a public hearing regarding a rezoning request to build a concrete plant on W. 11th St. The board voted to recess the hearing and come back with more discussion at a future meeting.
Reporter Taylor Heeden can be reached at theeden@chathamnr.com and on Twitter at @HeedenTaylor.