MONROE – Union County commissioners granted up to $1.7 million in economic incentives July 19 to Collins Aerospace over the next 14 years on the condition the company invest between $50 million and $100 million in building, machinery and equipment locally.
Over the span of the grant, Collins Aerospace will pay Union County an estimated $3.2 million in tax revenue.
“The company is a leader in aerospace globally and supplies a wide variety of products to every commercial aircraft and many military platforms,” said Chris Platé, of Monroe-Union County Economic Development. “Since 2004, they've been a cornerstone company of our aerospace cluster.”
Platé explained how the company's Monroe location serves as a hub for North American maintenance, repair and overhaul operations. The company recently completed a $30 million expansion of that plant, which the county helped by providing incentives.
“Collins is bringing forth a potential project that can further solidify Monroe and Union County as the center of excellence for their company,” Platé said. “The investment can entail several projects over the next decade that will consist of expanding existing capabilities and broadening their offerings of aerospace products.”
Monroe approved an incentives package July 13 not to exceed $1.5 million over 14 years beginning in 2023. The firm will pay $2.8 million in property taxes during than span.
Grants from Monroe and Union County are part of a new grant program, known as Magnet100, which stacks existing economic development incentives on top of each other to attract upwards of $100 million in investment.
If a company fails to meet the investment criteria, it reverts back to a standard incentives grant. For example, Collins Aerospace has to invest $30 million in capital by year three and $50 million by year seven.