Ethan Allen will receive up to $24,195 in tax incentives over three years, in exchange for adding 352 jobs and more than $2 million in new investments at its Maiden facility.
Catawba County commissioners unanimously approved the incentives at their meeting Monday evening.
Ethan Allen announced plans to expand its Maiden facility in early June.
"It's adding 352 jobs. Of those, 152 are people who were let go and they're calling back, and 150 are brand new positions," said Nathan Huret, existing industry coordinator for the Economic Development Corp.
In exchange for bringing jobs to the area, Ethan Allen will receive a grant on all net new taxable investments on buildings and equipment for the next three years. The most Ethan Allen will receive each year, however, is $8,065, for a total of $24,195, which they will receive in annual installments.
Ethan Allen also will have $1.5 million in new personal property and $750,000 in real property invested at its Maiden facility.
Ethan Allen will be required to deliver to Catawba County a certificate, documenting that it has or will acquire the real property and that the construction or improvement at the facility will result in the creation of the 150 new and 152 previously eliminated jobs.
The investment at the Maiden facility of Ethan Allen is required to meet or exceed $2.25 million by Dec. 31, 2011, to qualify for the economic development incentive.
Part of the agreement stipulates the new jobs will have a total average wage of $39,800.
"That's a living wage for a family," Huret said. "An economic benefit in a time like this cannot be overstated."
The agreement also states Ethan Allen "will agree to require the minimum of a high school diploma for any job applicant 25 years of age or below."
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