SANFORD — Sanford City Council has approved an estimated $39.5 million incentive package for an unnamed manufacturer planning to invest about $1.002 billion and create more than 1,950 full-time jobs in the city.
The council authorized an agreement with the company, identified as Project Paragon, after a Sept. 15 public hearing. The city’s official meeting packet says the investment would cover land, a manufacturing facility, machinery and equipment.
The resolution lists an average annual wage of at least $65,528 for the proposed jobs. It authorizes approximately $39.5 million in city cash incentives over 12 years, although the amount may rise or fall with the company’s net new taxable investment and the city taxes it pays.
The payments would come from Sanford’s General Fund. The agreement bars any incentive payment before the company pays taxes to the city.
The company’s name remains undisclosed. The resolution allows city staff to insert the name after it is announced and make minor changes to the agreement. Triangle Business Journal independently reported that the council approved the incentive package.
The city action establishes local incentive authorization. It is not a company announcement that construction has begun, land has been purchased or the jobs have been created. The cited records do not identify a construction schedule or project site.
Featured image: Sanford Municipal Center, where City Council holds its meetings. File photograph. Credit: City of Sanford.