The Randolph County Board of Commissioners will review a multi-million dollar economic incentives package for a major manufacturer to set up an operation at the Greensboro-Randolph Megasite, the High Point Enterprise has reported. There are indications the site may be used for a massive Toyota electric vehicle battery plant.
The commissioners will hold a public hearing on Dec. 6 in Asheboro, according to a notice released in late November.
The seven-page notice details incentives for the unidentified company that appears to be a Toyota Motor Corp. electric vehicle battery operation, the published report says.
“During a 20-year period, Randolph County would pay the company incentives equal to 60% of its annual property taxes if it meets the first phase development goals of creating 1,750 jobs and making a $1 billion private investment. The incentives would increase to 70% of the company’s annual property taxes if it meets the second phase goal of 3,875 jobs and $3 billion investment.”
Randolph County also is considering transferring ownership of all or a portion of the properties currently owned by the county and the Greensboro-Randolph Megasite Foundation to the company. The notice indicates the total size of the possibly transferred properties to be 626 acres valued at $21.8 million, the report says.
The business news service Bloomberg and Automotive News have said Toyota plans its project for the site in northeastern Randolph County near Liberty.
“Another indication is that the Greensboro-Randolph Megasite Foundation has petitioned the U.S. Army Corps of Engineers for approval to do work on the site for an automotive storage battery manufacturing facility,” the HPE story says.