Cabarrus County Incentives Every Light-Industrial Operator Should Know

For industrial businesses within Cabarrus County, available tax incentives and grants at both the county and state level can cut occupancy costs and assist in investments. Cabarrus County offers performance-based incentive grants of up to 85% for eligible manufacturers. In addition, JDIG’s cash rebates, the OneNC Fund, and customized training programs bolster small businesses and encourage major corporations to aid in improving the county’s economic activity, creating more jobs, increasing the tax base, and improving the overall quality of life for county residents.

What You Need to Know About Cabarrus County

Cabarrus County is located northeast of Charlotte in the state of North Carolina. Here’s what you need to know about this vibrant area.

• The county has 6 municipalities. These include the City of Concord (the County seat), the City of Kannapolis (second largest), and the towns of Mount Pleasant, Harrisburg, Midland, and Locust.
• Cabarrus County is a growing community. The area increased by 26.8% (nearly 50,000 people) from 2010 to 2020, and is projected to increase by another 15% by 2030. As of the 2020 census, the county’s estimated population was 216,608.
• The area is bolstered by a number of popular locations and major corporations, including the Charlotte Motor Speedway, Great Wolf Lodge water park, Concord Mills Mall, and many more. While the county has a rich history in textiles, in recent years, industrial space in Charlotte, NC has attracted a number of major companies including Amazon, FedEx, Hendrick Motorsports (corporate headquarters), Gordon Food Service, Atrium Health, and many others.

The county is experiencing economic growth while unemployment rates are trending downward. Still, the county sees the importance of continuing to promote economic activity within local businesses to expand job creation, create an engaged community, and lift distressed areas of North Carolina.

Cabarrus County Industrial Incentives

A Cabarrus County partnership through one or more of the following grants or incentive programs can help industrial businesses to lower operating costs, as well as support new growth or expansion and enhance the long-term success of a business. Here are the most important opportunities that every North Carolina industrial and manufacturing company should explore.

Cabarrus County Economic Development Grant Program

Under the Cabarrus County Board of Commissioners (“BOC”), the Economic Development Grant Program has 5 main goals. These include 1) addressing growth with appropriate public policies, 2) achieving the well-being of all residents by community-wide preparedness, 3) using resources wisely, 4) encouraging an engaged community that works together, and 5) ensuring that citizens have access to education, health care, and economic prosperity.

The grant aims to encourage relocation or expansion of a business within municipal boundaries, especially where infrastructure already exists. It awards “an amount equaling up to 85% of the real and personal property tax actually paid on assets eligible for this Program“, with a minimum increase in assessed value of assets of $1.5 million. Its allotted period is 3 consecutive years.

When awarding the grant, the BOC considers a number of factors including the type of business, the scope of the project, employment opportunities the job will create, site-specific issues, and environmental impact, among other factors.

See the full details for the Cabarrus County Economic Development Grant Program.

State Programs

JDIG

JDIG is North Carolina’s Job Development Investment Grant. This grant is a discretionary incentive program that helps new and expanding companies on a case-by-case basis.

JDIG provides yearly funding for as long as 12 years, with the amount of the grant being determined by a percentage of the personal income tax withholdings generated by the newly created jobs. The North Carolina Department of Commerce uses a tier system to rank the most distressed counties and promote economic well-being in the less prosperous areas of the state. For high-yield projects, JDIG may grant up to 100% of personal income tax withholdings for a period of up to 20 years.

Find out more about JDIG grant application requirements in Cabarrus County.

OneNC Fund

The One North Carolina Fund is another cash-grant program that works by using county tier designations to rank less prosperous areas of North Carolina and provide economic development grants to certain job-creation developments that benefit the area. In the OneNC Fund, the governor issues grants based on factors such as the number of new jobs, the level of investment, the project’s economic impact and state importance, and the location of the project.

OneNC also requires the area’s local government to match the funding at a certain level, depending on the tier in which the county falls. (For example, in tier 1 counties, the local government matches at least $1 for every $3 provided by OneNC.)

Find out more about eligibility for the One North Carolina Fund.

Customized Training Program for Employees of Local Businesses

In addition to grants and incentives, Rowan-Cabarrus Community College provides a customized training program for county employees of local businesses for the purpose of supporting the economy. The program works with local businesses to help employees become “more productive in the shortest time possible.”

City-Level Grants

In addition to county grants, a number of the cities within Cabarrus County also offer additional incentives and grants.

Concord

The city of Concord offers a number of different grants through a tax incentive program. Grants focused on industrial businesses include:

• City of Concord Economic Development Grant. This grant is especially suited to industrial businesses. It has a number of different categories which determine the amount and length of the grant. This program aims to increase the tax base, add employment opportunities, help existing businesses expand, and more. Find out more about the Economic Development Grant Program.
• Center City Development Grant. This grant aims to “stimulate development of new businesses and expansion of existing businesses“. Eligible businesses include industrial or mixed-use developments that are on industrially zoned land.

Learn more about Concord’s grant opportunities.

Kannapolis

The city of Kannapolis offers an industrial incentive grant program which is awarded by the Kannapolis City Council. The incentives typically grant “equivalent to 85% of real and personal property tax paid”, require a $3 million minimum capital investment, and have a period of 3 consecutive years.

Grants are on a case-by-case basis, but are typically awarded to corporate headquarters, manufacturing and processing, R&D, motorsports, warehouse/distribution, and office buildings.

Learn more about grants and incentives in Kannapolis.

Harrisburg

Harrisburg-specific opportunities include the Economic Development Incentive Grant and the Tax Increment Grant.

• Economic Development Incentive Grant. The goal of this grant is to encourage new and expanding manufacturing and commercial endeavors around the city, for the purpose of increasing business prospects, the town’s population, and taxable property. The grant and the amount of the grant are awarded on a case-by-case basis. It may be made in cash or in kind.
• Tax Increment Grant Program (TIG). This grant is offered on a reimbursement basis and assists in infrastructure investments, public asset purchases, and economic development grants. It’s limited to 3% of the annual property tax levy for the year.

Learn more about Harrisburg’s incentive programs.

Tour Available Cabarrus County Industrial Sites With Regent CRE

Cabarrus County’s range of performance-based tax incentives, state and city-level grants, and workforce training programs make it an ideal location for industrial businesses to make their home right near the heart of Charlotte.

If you’re looking for an industrial property in the metro Charlotte area, Regent CRE’s lead broker Brian Smith is here to help. With nearly 1000 completed sales and lease transactions and over 10 years of experience in the metro area, Brian’s prestigious real estate credentials, effective processes, and genuine interest in each client’s needs positions him as one of the best in the entire industry.

Request a customized market report for a free list of industrial properties that fit your needs, or contact us today to see how we can help you with your search.