Textile Giant Asking For Incentives
Just when you think the textile industry is on its way out, along comes …
County commissioners on Monday will hold a public hearing on whether to offer Gildan Yarns some $2.37 million in site improvements and economic incentives to build a $112 million yarn spinning facility near I-40 in Mocksville. It is asking the Town of Mocksville for $1.04 million.
Monday’s meeting begins at 5 p.m. in the second floor conference room of the County Administration Building in Downtown Mocksville.
According to the agreement to be discussed, the incentives must be recovered within 10 years or less from the time the tax base improvement is made. The funds would come from general revenues or interest free loans.
According to a public notice printed last week:
“… the benefits to the public expected to be derived from the economic development project made possible by the incentives include … the increase of the tax base of the county and town by at …