The Cabarrus County Board of Commissioners voted unanimously Monday to approve of an economic development investment for CorrChoice, which will allow the company to add a press in Concord.
The addition of the press will enable CorrChoice to expand its geographic footprint and take advantage of freight opportunities on current business. The investment is expected to bring in 20 to 25 jobs to the area, with average wages above the current Cabarrus County average.
“CorrChoice is an advanced manufacturer of corrugated products,” said Shanell Varner, Cabarrus County economic development program manager.
She continued: “The projected investment is approximately $9.7 million in personal property.”
Around $2 million of the investment will come in fiscal year 2021, and $7.7 million in fiscal year 2022.
The County Commissioners opened the proposal for public comment, but no one asked to speak.
With that, the Commissioners voted to approve the three-year, 85% economic development agreement between CorrChoice and Cabarrus County.
“The estimated grant for the three-year term is $114,126,” Varner said. “The net revenue to the county during this term is $20,140.”
The jobs brought to the area are expected to have average wages of $22 an hour, with bonus wages at $1 to $2 per hour. It will be in operation in 2022 and will carry with it a 401k plan, safety bonus, profit sharing and health and medical.