Incentives package OK’d for foundry move to rural N.C.
RALEIGH, N.C. (AP) — A North Carolina-based company could benefit from a state cash incentives proposal approved on Tuesday if its Charlotte foundry moves to rural Stanly County.
Charlotte Pipe and Foundry could receive $15 million in grants from the state by 2030 if it relocates the foundry 45 miles (72 kilometers) east to Oakboro and meets investment, job-retention and wage thresholds, according to the agreement approved by a state incentives panel. The company proposes moving 500 jobs from Charlotte to Stanly County and spending $325 million at the new site, according to a project summary from the Department of Commerce.
The state grant through the Job Maintenance and Capital Development Fund would be awarded to what’s called a “heritage manufacturing employer.”
Charlotte Pipe and Foundry began in 1901 and around 1910 opened the current Charlotte foundry, which produces cast iron soil pipe and fittings and commercial castings. It now has seven plants nationwide and employs over 1,200 people in North Carolina. The Stanly County project will include electric melt furnaces and other technology designed to improve operational efficiencies.
The current 55-acre foundry site would be considered prime real estate in uptown Charlotte. Carolina Panthers owner David Tepper mentioned the site last fall as one potential location for a replacement stadium for the NFL franchise, The Charlotte Observer reported. Bank of America Stadium, the Panthers’ current home, was built in 1996 and is currently undergoing renovations in part for a new Major League Soccer club in 2021.