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Chatham County helps Acme-McCrary relocate warehouse & distribution center

Posted Thursday, November 10, 2011

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Siler City, NC - At its meeting on November 7, the Chatham County Board of Commissioners approved a points-based cash incentives agreement with Acme-McCrary, a 101 year-old hosiery and shapewear manufacturer, to help the plant relocate its warehouse and distribution facilities to the former Joan Fabrics building in Siler City.

Acme-McCrary, headquartered in Asheboro, expects to invest approximately $500,000 in the 387,000-square-foot building and create at least 100 new jobs in addition to retaining 42 jobs in its Siler City facility. It also expects to maintain an inventory of $35 million.

“We are excited about the positive results of working with Acme-McCrary and the Town of Siler City to make this relocation possible. The addition of 100 jobs, while retaining 42 existing jobs is great news for the entire county,” said Commissioner Chairman Brian Bock.

Bill Redding with Acme-McCrary said, “We are pleased to be growing our presence in Siler City and in Chatham County. In our new location we will consolidate all shipping and distribution facilities as well as relocate all packaging processes into one building.”

Redding said that the company is appreciative of the financial incentives and cooperation from the Chatham County Board of Commissioners and Siler City’s Town Board. “We also are appreciative of the support from the citizens of Chatham County and we want to continue to offer employment and a healthy, sustainable workplace for our associates and positions that will be added.”

Dianne Reid, president of the Chatham Economic Development Corporation (EDC) noted, “The company has successfully weathered many transitions in the hosiery industry and we welcome their expanded presence in Siler City.”

If the company meets its obligations for job creation and retention over a five-year period, Chatham County would provide incentive grants to Acme-McCrary on a declining basis. Beginning the 2012, the incentives would equal a specified percentage of property taxes paid by the company over five years: 2012 – 70 percent; 2013 – 60 percent; 2014 – 50 percent; 2015 – 40 percent; and 2016 – 30 percent.

Dianne Reid explained that the level of incentives requested is determined using a point scoring system adopted by the EDC in February 2011 and approved by the Board of Commissioners.

“Points are assigned based on jobs creation, capital investment, environmental impact, and type of industry cluster or business. The hiring of county residents, wages paid and benefits are part of the equation,” Reid said. The more points that a business project scores, the higher the value of the incentives they are eligible to receive.

Based on the score card, Acme-McCrary qualified for level one benefits, Reid said.

The amount of the grants will be based on evaluation of the property and the county property tax rate during the five-year period. The grants will be paid from revenues in the county’s general fund.

 
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