Red Rock Developments (Red Rock) plans to construct up to six shell buildings totaling 2.6 million square feet on Long Ferry Road. The buildings will be sold or leased to companies seeking to locate or expand their businesses in Rowan County. The buildings will be done over three phases and the total capital investment for this project is estimated to be approximately $198 million.
On April 4th, the Board of Commissioners approved an incentive request from Red Rock that the County reimburse the company up to $4.2 million for water, sewer and road improvements to serve the new development. The incentive was approved with the stipulation that the reimbursement will be paid upon the lease or sale of substantially all the facilities and property in Phase I of the project to a third-party job creator.
Due to rising costs in construction materials, Red Rock has requested that the reimbursement terms of the incentive offer be amended. Red Rock now asks that reimbursement be paid upon issuance of a Certificate of Completion for the two speculative buildings contained in Phase I of the project. The company anticipates the buildings in Phase I will be completed in the second quarter of 2024.
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