Sep. 29—ARCHDALE — An internationally based wood products company now has a local incentives offer as it considers whether to build a new facility in Archdale.
The City Council and Randolph County Board of Commissioners on Tuesday unanimously authorized an incentives package that officials hope will help convince the business to develop a manufacturing and distribution plant for building materials on a 60-acre site at the end of Roelee Street.
The name of the company is being withheld during the site-selection process, which is allowed under state law until an incentives contract is signed.
Now referred to as "Project Red Oak," it is an internationally owned, comprehensive housing and wood products company focused on residential building supply materials, according to the Randolph County Economic Development Corp.
Its parent company, which has been in the wood business for more than 300 years, has a U.S. headquarters, and the potential Archdale facility would be a component of it.
The project remains competitive with other locations, and if Archdale is chosen, EDC President Kevin Franklin said he would expect an announcement before the end of the year.
If Archdale is selected, the project will create 129 new jobs with average annual wages of $45,784.
The company is considering the purchase of the 60-acre site and would invest a total of $19.5 million in real and personal property to develop a facility there.
Cash-grant incentives totaling $395,000 would be paid in four annual installments, divided between the city ($128,000) and the county ($267,000).
The incentives package includes funds to extend Roelee Street to the project site, with $165,000 to come from the county, $85,000 from the city, $200,000 from the N.C. Department of Transportation and $645,000 from the Golden Leaf Foundation.
In addition, the company is considering construction of a new rail spur to serve the property, and is eligible for a $200,000 grant from the N.C. Railroad Co.