York County could strike a $1 billion deal, with ‘Project Cobra’ on the table
A new economic development project in York County could bring $1 billion of new investment.
The company hasn’t been named. However, there have been negotiations with the county, and a key upcoming decision by York County Council could move the project forward.
A resolution up for vote Monday night offers some detail. The resolution by the county calls it Project Cobra, and describes it as a new data center.
The resolution would require a first reading and vote for the potential $1 billion project. York County Council would have to pass that, plus two more readings, and hold a public hearing, to finalize an incentive deal.
The name Project Cobra does not appear on any other recent documents. An unnamed company informed the county, per the resolution, of plans to invest at least $1 billion and create a dozen new full-time jobs within eight years.
The actual requirements of a deal with the county, used to create tax incentives for the company, would be set at $900 million of investment and 10 new jobs.
If those thresholds are met, the county would agree to allow the company to pay a fee instead of taxes for 40 years. The deal would set an assessment rate at 4%, well below typical commercial or industrial rates, and an initial millage of 351 mills which could be adjusted every five years.
The company would be allowed an additional special source credit against those fee payments of 35% each of the first five years, 30% the next five years, 25% the next 10 years and 20% for the remainder of the deal. Those credits would go toward infrastructure costs.
Last fall, York County Council had a proposal, listed as Project Cobra, among several decisions. It’s unclear if the current decision and that one are related.
The decisions last fall involved county-owned property in Lake Wylie aimed at economic development.
The county had an offer to sell 173 acres at 2157 Handsmill Highway in Lake Wylie. The unnamed buyer proposed a $4.3 million purchase. Further details weren’t given.
The county acquired that Lake Wylie property from Bank of North Carolina in 2013 for $800,000. County land records show a transaction in February for almost $56,000 but a new owner isn’t named and the county remains the listed owner, per county land records.
This is a developing story. Check back for more details.
This story was originally published June 3, 2023 at 9:17 AM.
