Cary in running for major economic dev project that could create 350 jobs

The town of Cary is angling for a major investment from an unidentified company.

At its meeting today, the Town Council will consider offering a $50,000 cash incentive for the unnamed company to bring 350 full-time jobs and a $5 million capital investment in "real and personal property."

Cary officials do not know the industry of the company. The N.C. Department of Commerce is marketing the project through an economic development program and has revealed only a few details, said Cary Budget Director Scott Fogleman.

The 350 promised jobs would arrive by 2016 and the $5 million capital investment within the next five years under the proposed incentive contract, Fogleman said. The jobs would average a $91,686 salary.

Cary staff are unsure how many other municipalities are competing for the project.

The company has "not yet made a decision," Fogleman said. By offering the grant, he added, Cary is getting its piece of the puzzle in place. The state also might offer its own incentive to the company, he said.

The Department of Commerce hasn't told the town whether the company has any current presence in Cary, but Fogleman believes the company is new to the area.

The council's vote would authorize the town manager to move forward with the contract should the company choose Cary, but the town still could back out of the deal, Fogleman said. State commerce officials did not immediately reply to a request for comment.

Any state incentives package would have to be approved by the Department of Commerce's Economic Investment Committee. The committee's next meeting is scheduled for Friday. 

- Staff writer Andrew Kenney