CHARLOTTE — Mecklenburg’s Board of County Commissioners last night approved $4.2 million worth of incentives for Albemarle Corp., the final step in a $14.2 million package from state and local government.
On Jan. 23, Charlotte City Council voted to allocate up to $7.2 million to Albemarle over 12 years. The county money comes with a seven-year term. Late last year, state government approved $1.36 million in job development grants, $1 million in sales tax exemptions and $410,000 for job training. The incentives package shifted slightly from December, when CBJ reported a total of $13 million.
All the incentives are paid out incrementally and only after the company meets employment and investment benchmarks.
CBJ reported in December that Albemarle plans to open a $200 million advanced materials research center in University City, a project that will create 205 new jobs with average annual pay of $87,381.
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