Town of Fuquay-Varina Incentives

The Town of Fuquay-Varina has the capacity to provide economic development incentive assistance for companies seeking to relocate and expand business within the Town’s Corporate Limits. This incentive policy provides consolidated information and guidance with respect to the application for Town incentive assistance.

The Town's Incentive Policy Guidelines & Application has been created to encourage the following types of development within Fuquay-Varina:


 
Project Type


Eligible Applicants

Eligible Projects

Minimum Capital Investment

Town Participation

Use of Funds


Recruitment Manufacturing

Suppliers of BIG4, Advanced Manufacturing, R/D, Warehouse/Distribution, Defense Manufactures


New Construction


$5 million


Up to 5% of Total Project Costs

Construction; on/off site infrastructure improvements


Expansion Manufacturing

Expansion and rehabilitation of existing Fuquay-Varina manufacturing facilities


Expansion


$3 million


Up to 5% of Total Project Costs

Construction; utility; infrastructure; acquisition of machinery & equipment


Infrastructure Investment

High-end commercial and retail development with significant capital investment and tax base impact


New Construction


Commercial/Retail:

$50 million


*Up to 5% of Total Project Cost

Utilities; road improvements; easements; ROW’s


Downtown
In-Fill Development

New building construction located in DC-1/DC-2 that results in a minimum 50% increase in tax assessment


New Construction


$3 million

*Grant up to 100% equal to assessed property tax over 5 - 10 year period

Construction; utility; road improvements


Downtown Building/Site Rehab

Rehabilitation of an existing building/site located in DC-1 & DC-2 that results in a minimum 50% increase in tax assessment


Rehabilitation & Demolition


$1 million

*Grant up to 100% equal to assessed property tax over 5 – 10 period

Demolition; construction; utility; road improvements

                 * Via statutory development agreements

The consideration and size of any Town grant assistance will be based on a number of factors including the location and size of the site, the amount of capital investment in the project, and the number of new jobs created.

If you would like additional information on the Town's Economic Development Incentive Policy and resources, please contact Jim Seymour, Economic Development Director at (919) 753-1031 or jseymour@fuquay-varina.org.