Details on New Belgium’s NC Incentive Package
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MyBeer Buzz
Some really interesting details on the North Carolina incentives New Belgium is receiving. From the MountainExpress:
As part of the deal to bring New Belgium Brewing to Asheville, Buncombe County has agreed to give the company up to $8.45 million in grants.
The first phase of payments will be made in annual $650,000 installments over a 10-year period, beginning in 2013, according to Jon Creighton, county planning director. In exchange, the brewer has agreed to create 130 local jobs with an average annual wage of $50,388 (the current average in Buncombe County is $33,800). New Belgium has also agreed to invest $115 million in its new facility, which will be located on Craven Street at the edge of the River Arts District. The third-largest craft brewer in the United States, the Fort Collins-based brewery is planning to build a brewery, distribution warehouse, tasting room and rooftop beer garden at the site.
If those requirements are achieved, the second phase of Buncombe County’s incentive package will kick-in in 2023: Three more yearly grants of $650,000, bringing the total amount to $8.45 million by 2026. In exchange, the brewery would be required to create 24 more local jobs and invest $60 million more in to the facility, bringing the company’s total contributions to 154 jobs and $175 million in investments.
The county grants are in addition to the $3.5 million in incentives and infrastructure improvements being offered by the city of Asheville and a $1 million grant from the state One North Carolina Fund. All in all, the brewer has been offered roughly $13 million in incentives from city, county and state governments. (Unlike the city and the state, the county didn’t publicize the details of its incentive agreement at the New Belgium announcement or in subsequent press releases).
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