In March 2022, Vietnamese electric vehicle manufacturer VinFast announced it will build its first North American plant at the Triangle Innovation Point in Moncure. And just six months later, semiconductor manufacturer Wolfspeed announced it will build a major fabrication plant at the Chatham-Siler City Advanced Manufacturing Site in Siler City.
“Years of hard work and collaboration by former and current commissioners, county staff, and our economic development team came together to bring these historic investments to our community,” said Howard. “These opportunities will bring job growth to the tune of 9,000 new positions that will benefit our local workers, their families, and our region for generations to come.”
The report also includes updates on activities within the Chatham Comprehensive Plan, countywide initiatives, and achievements within county departments and programs. The 2022 State of Chatham County Report is posted on the Chatham County Website:
www.chathamcountync.gov/stateofthecounty.
VinFast Incentives Agreement
Also at the October 17th meeting, the Board unanimously approved the $4 billion incentives agreement for VinFast after holding a public hearing. The project expects to create approximately 7,500 full time equivalent jobs at an average wage exceeding or equal to that of the median average wage for Chatham County by December 31, 2027.
According to the agreement, the County will make annual performance-based cash incentive grants to the company for 20 years equal to a declining percentage of actual increased property taxes paid. Performance would be measured by the creation of eligible jobs:
• 90% in years 1-4
• 80% in years 5-8
• 75% in years 9-11
• 60% in years 12-15
• 50% in years 16-20
In lieu of providing land to VinFast, the County would make cash, performance-based, payments over a period of years using increased property taxes to reimburse the company for its costs in acquiring land for the project.
• Payments will coincide with the initiation of the Business Incentive Grant.
• Once land acquisition payments total the cost, the County’s obligation to make the payments will end.
Planning and site development are currently underway. VinFast broke ground this fall and aims to start manufacturing and production at the facility by 2024.