Increased tax incentive considered for Caterpillar

March 17-- Mar. 17--Lee County commissioners will hold a public hearing Monday to modify an economic incentive agreement that was reached in earlier this month with Caterpillar.

The hearing will be held during the regular commission meeting which begins at 6 p.m.

The modification is the result of the company's decision to purchase a building other than what was originally planned, according to documents in the commissioners' agenda packets.

Officials from Caterpillar, which manufactures construction equipment, told commissioners they planned an expansion that amounted to $29.5 million for real estate, property machinery and equipment, documents said.

The board agreed to an incentive package, offering a tax break of $346,246 over a five-year period, based on Caterpillar's investment which includes an additional 40 jobs.

However, Caterpillar officials chose a different building that increased the amount of investment to $30.8 million.

Because the amount of investment increased, the board is considering revising the tax incentive to $400,418 over a five-year period.

Also on Monday's agenda are requests to approve:

-- Funding for the installation of fiber optic cable;

-- Consideration of a resolution asking for legislation that would exempt Lee County from emissions inspections of vehicles; and

-- Consideration to file a complaint on the county's behalf in regard to litigation involving opioids and the opiod crisis.

News Editor Nancy McCleary can be reached at 919-718-1219.

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