Isle of Wight reduces incentives for Keurig after $36M shortfall
In 2012, the company and the county entered into an economic development agreement that guaranteed incentive grants for
The company has created 550 jobs and spent
"The investment represents about 80 percent of what they said they were going to do, and they created about 68 percent of the anticipated jobs," Robertson said by email Wednesday. "
The facility is on 32 acres on
Under the 2012 agreement, the county agreed reduce the machinery and tools tax rate for the company from the 2012 rate of
And it offered rebates that could have effectively lowered that to
An amendment to the 2012 agreement, approved last week by the
The 2012 agreement also included an annual rebate of 70 percent of any increase in real estate taxes the company pays each year through 2021. The amendment approved by the supervisors cuts that rebate to 56 percent of any increase in real estate taxes.
Also included in the 2012 agreement was an
The original agreement estimated the total value of the incentives at
In 2011, then-Gov.
"They are still hiring and still planning on increased capital investment in the
Smith can be reached by phone at 757-510-1663.
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