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Local Incentives

There are two separate levels of local government – Chowan County and the Town of Edenton. Each level of local government may, separately, consider and provide incentives.  Terms and conditions for incentive payments are also negotiable based on the particular needs of the client and benefits to the community and are codified in written performance agreements between the Company and the local government unit(s).

Opportunity Zone in Chowan County

A major portion of Chowan County has been declared a federal Opportunity Zone.

From the NC Department of Commerce: A new program with the potential to attract investment capital into low-income areas of North Carolina was created by recently passed federal tax legislation, known as The Tax Cuts and Jobs Act (H.R.1).

The Opportunity Zones Program (Sec. 13823) provides tax incentives for qualified investors to re-invest unrealized capital gains into low-income communities throughout the state, and across the country.

For more information, see:

http://public.nccommerce.com/oz/

http://eig.org/opportunityzones

https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions

https://www.bdo.com/insights/tax/state-and-local-tax/tax-cuts-and-jobs-act-creates-opportunity-zones-in

To review the map of the designated areas or discuss investment options, contact the Partnership’s Executive Director.  The Chowan County Opportunity Zone includes potential locations for agricultural food production and processing, cold storage, transportation services, and/or as a grocery store or other retail sites, etc.

Purpose

Local governments in Chowan County and Town of Edenton may provide incentives programs in support of quality job creation, investment and tax base expansion.

Procedures

Any incentive offers from local governments are tentative subject to approval at a formal public hearing (this is in accordance with state law).  Before any tentative local incentive offer can be considered official, each local government unit involved must advertise and conduct a formal public hearing. The formal public hearing schedules will be done in the most efficient matter, however, if more than one local government unit is involved, depending on scheduling, more time may be needed.

Confidentiality

As part of the public hearing advertisement process, some project details need to be disclosed while other details may remain confidential until the public hearing itself.

Incentive Sources (State Incentives)

Rural Division of the North Carolina Department of Commerce, Building Reuse Program

The Building Reuse Program is administered by the Rural Division of the North Carolina Department of Commerce (click here).* Chowan County is designated as Tier 1 in North Carolina’s County Tier system, which is to encourage economic activity in the less prosperous areas of the state. It provides grants to local governments for two purposes:

  1. Renovation of vacant buildings
  2. Renovation or expansion of a building occupied by an existing North Carolina company wishing to expand in its current location and/or a company wishing to start operations here

* The local government must contribute at least 5% of the total eligible expenditures. The cash match must come from local government resources and may not be derived from other state or federal grant funds.

For more information about the Building Reuse Program, contact the Edenton Chowan Partnership at (252) 482-2007 or email us.

Download the Building Reuse Application here.

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