I spend my days, nights and weekends managing the Yolo Entertainment Group, which operates the Sycamore at Chatham Mills, 39 West Catering, and the event venues Forest Hall and The Studio (formerly the Joy of Movement). I am a proud small business owner, and as the chairperson of the Chatham Economic Development Corporation, a big believer in Wolfspeed and VinFast’s plans for Chatham County.
The Chatham Economic Development Corporation exists to attract and retain businesses that provide quality jobs and real investment in our communities. The EDC works with the county and towns to accomplish this goal. I believe that the EDC’s work is beneficial to our community, and even to small businesses like my own. By recruiting these companies to Chatham’s megasites, the EDC brings new opportunities to our local business ecosystem.
VinFast and Wolfspeed were recruited to Chatham’s megasites, areas that the county specifically designated for industrial development. These sites were identified over 10 years ago as part of a long-term plan to balance Chatham’s tax base. The tax revenues generated by large operations like VinFast and Wolfspeed will help to even out the tax base that is currently supported by residential taxes and relieve some of the burden felt by taxpayers.
The incentives that you hear about associated with VinFast and Wolfspeed are not a check handed over to them for locating in Chatham County. These companies must meet investment, hiring and performance measures set in the agreement and pay all of their applicable taxes. Then, only if these requirements are met, they receive a portion of their property tax revenues back, creating the incentive to locate and be successful in Chatham.
The people that these jobs will bring to our area will have a positive impact on my businesses. I look forward to serving them in my restaurant, catering their events and hosting them in my event space. Other small business owners can expect a boon as well. VinFast and Wolfspeed employees will patronize more businesses than just my own, spending their time and money in Chatham, and spreading the word to others.
In addition to balancing the tax base, Wolfspeed, VinFast and the ongoing work of the EDC will bring more people and more dollars to our community. People will move into Chatham, sure. But many are already here and get in their cars to drive right back out of Chatham every day. They spend their lunch dollars, gas dollars and shopping dollars elsewhere, not here. By establishing Chatham as a hub of employment and activity, the EDC has helped to reinvest in our downtowns and small businesses.
As these two big projects begin taking shape, citizens should know that the EDC is still hard at work. The Chatham-Siler City Advanced Manufacturing Site still has 1,400 acres of heavy industrial land available to prospective companies. In Moncure, at the Triangle Innovation Point West site, the EDC engages with potential users regularly. Located next to VinFast’s plant, that site is a great example of the role of the EDC: what was formerly the Performance Fibers plant site will now see new life as a FedEx distribution hub, with space available for additional opportunities.
To be clear, the work of the EDC does not directly support small businesses and entrepreneurs. Chatham is fortunate to have hardworking small business support organizations like the Chatham Small Business Center at CCCC, the Chatham Chamber of Commerce, WEBB Squared, and many others dedicated to that important work, and the EDC often right alongside them, working together and cheering them on. Right now, we are convening these groups to determine how to best connect small businesses with these large projects. The goal of the EDC is to attract and support the companies and employers that can in turn support our small business ecosystem.
Many of us made the choice to move to Chatham because it felt well-balanced. It offered rural beauty, a thriving arts scene and the convenience of in-town living, if you wanted it. Wolfspeed and VinFast won’t change that balance. They will help us find more of it.
Greg Lewis is the chair of the Chatham Economic Development Corporation (Chatham EDC) and manager of The Sycamore at Chatham Mills.