You Are Here : Home / CabCo Resources/ Hot Topics / Economic Development

Economic Development

Cabarrus benefits from economic development boom

EDC official shares what billion-dollar investments mean to our community

The Cabarrus Economic Development Corporation (EDC), led by Executive Director Page Castrodale, continues to make headlines in its efforts to strengthen the County’s economy and improve the quality of life for Cabarrus residents.

There are two ways this happens:

Recruitment of companies that increase the local tax base and create quality jobs
Educational partnerships that support high-demand, higher-paying positions
(BONUS content: learn more about the expansion of Rowan-Cabarrus Community College's welding program)

In the last year, the EDC has announced two, billion-dollar manufacturing investments: Red Bull/Rauch North America/Ball Corporation and Eli Lilly and Company. Both sites are expected to begin construction in 2022.

In the video below, Castrodale shares why large tax investments generate:

More spending at small businesses
Lower taxes for residents
Job advancement opportunities for the area's workforce

Plus, learn how economic development projects get their code names!

How do economic investments work?

Over the investment period, the company pays the full tax amount, based on the ad valorem value of their property.
During each year of the investment period, the Tax Administration office verifies all terms are met and then grants back the designated percentage of the increase in real and personal property taxes that were paid. The County benefits from an increase in real and personal property tax during this time.
If terms are not met or once the investment period ends, the County benefits from 100% of the increase in real and personal property tax values at the site.
As an added benefit, industrial sites generate tax value without utilizing costly resources, like public safety and schools, which are needed to service residential properties.