Corning Incorporated will invest $150 million to expand operations in Catawba County, creating 200 jobs in Hickory.
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Corning's Optical Communications business operates cable facilities in Hickory, Newton and Winston-Salem, and optical fiber facilities in Wilmington and Concord. Its Optical Communications headquarters is in Charlotte.
While salaries will vary based on position, the average wage for all the new jobs will be $55,000, which is above the Catawba County average of $43,920.
Corning’s project will be facilitated by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Using a formula that takes into account the tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,041,200, spread over 12 years.
State payments only occur following verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Corning’s JDIG agreement could also move as much as $226,800 into a fund that helps rural communities across the state attract business in the future. When companies select a site located in a Tier 2 county such as Catawba, their grant agreements move some of the new tax revenue into the state’s Industrial Development Fund – Utility Account.
Local communities in more economically challenged areas of the state use grants from this fund to build public infrastructure projects, which can improve a community’s ability to attract companies to their regions. ■
A low pressure wave forming along a cold front will track across the New England coast this morning, bringing a period of rain, heavy at times for much of New England, especially for Maine today.