County OKs incentive for drug maker
16 July 2014
The Enquirer Journal
The Union County Board of Commissioners approved an economic development grant for an amount not to exceed $340,000 over a 5-year period to what could become the county’s first pharmaceutical company.
The company is Glenmark Pharmaceuticals Limited, an India-based company that manufactures generic medicines, Assistant County Manager Wes Baker told commissioners.
Glenmark plans to invest about $3 million up-fitting a facility, which is a spec building constructed by Monroe Union County Economic Development in the Monroe Corporate Center, Baker said. The company proposes investing $14 million in equipment over the next five years.
“The taxes over the five-year period, depending on the timing of the investment, could be as much as $761,000,” Baker said.
Glenmark requested a “STEP 2” incentive grant of $340,000 after all equipment was in the building.
Baker said the grant would return an estimated $3.47 in tax revenue for every $1 the county invested within the first five years. Over ten years, the return to the county is estimated at $7.02
“They’re going to create about 41 jobs and these jobs, the average pay will be somewhere in the $65,000 to $68,000 range,” Baker said.
No one spoke during the public hearing.
Commissioners approved the grant by unanimous vote.
For full article, click here.
Back Add to Prospectus