Henderson, N.C. – The Kerr-Tar Hub economic development project took two giant steps forward in recent months to create a network of specialized industrial parks to attract jobs and business investment to Franklin, Granville, Vance and Warren counties.
Officials purchased a fourth and final site and chose the name Triangle North to market its regional group of parks, which have been known as the Kerr-Tar Hub.
“Triangle North is open for business and ready for companies who want a great location, supportive community and attractive business costs,” said Danny Wright, chairman of the Kerr-Tar Regional Economic Development Corp., the nonprofit that owns and is developing the project.
Triangle North comprises parks in each of the four member counties:
- Triangle North Franklin – 250 acres across from the Franklin County Regional Airport, with construction well under way on the site’s first shell building.
- Triangle North Granville – a 527-acre park located at the southwest corner of Interstate 85 at exit 206, near Vance-Granville Community College.
- Triangle North Vance – purchased in December, comprising 300 acres on the northeast side of I-85 and Poplar Creek Road at exit 209, across from the community college.
- Triangle North Warren – a mega-site with 1,000 acres, including 860 acres purchased and 160 under option, off of I-85 and U.S. 1/158 in Manson.
The four Triangle North parks offer a mix of locations and sizes to accommodate a wide range of business needs. Warren County’s mega-site is ideal for warehousing, distribution and logistics firms that need large sites and access to key transportation arteries. Franklin County’s park is closer to the urban core and its technology workers, and offers easy access to its regional airport. Vance and Granville county parks, centrally located in the Kerr-Tar Region, offer sites of all sizes, some secluded, some fronting the interstate, as well as close proximity to the community college and its workforce training resources.
All four sites qualify for the highest level (Tier 1) state jobs tax credit, which translates to $12,500 in tax credits for every job created by companies that locate in them.
“Our Tier 1 tax-credit status provides a tremendous financial incentive and affordable way for companies to locate in the world-renowned Research Triangle Region,” said Wright. “Companies can enjoy the same close proximity to the region’s major research universities, skilled workers, workforce training and superb business climate – all at very reasonable business costs.”
Triangle North is the first industrial park of its kind to be created in the state using an innovative model of sharing both costs and tax revenues across county lines. The framework for the multi-county effort was developed in a study commissioned by the Research Triangle Regional Partnership (RTRP), the regional economic development organization, in 2003 with funding from the Golden LEAF. That study, conducted by researchers at UNC, said the concept was feasible. Business, government and political leaders in the four counties, who have a history of collaborating, took the concept and have worked since 2004 to make it a reality.
The project in January received another national award for its innovative county-led partnership. The four member counties were named one of 10 communities in the country to receive the prestigious Center for Sustainable Communities Award from the National Association of Counties in Washington, D.C.
With all four sites secured and infrastructure development planned or under way, officials are moving forward in 2008 to develop and implement marketing and business plans. The plans, developed in 2007 by the RTRP and the Small Business and Technology Development Center, outline how the project will attract businesses and create a sustainable operational model for the parks.
For more information on Triangle North, visit www.TriangleNorthNC.org.