Alevo’s massive 3.5 million square feet manufacturing facility has been open for less than 3 years, but they’re already talking about a major expansion to meet the ever growing demand of battery containers overseas.
They’re now considering investing over $251 million to expand their production capacity, creating 202 jobs in the process.
Concord’s City Council is now offering some very attractive incentives to try to push them toward the expansion.
The incentives are basically sectioned off in 2 phases over a 10 year period of time.
The phase 1 grant would require Alevo to pay $1.9 million in taxes, with $1.5 million reimbursed back to them, essentially netting the City of Concord $390,096 in revenue over the next 5 years from a property with a tax value of $77 million
The phase 2 grant would begin once the first major upgrades to the plant were made. It would would only require Alevo to pay in $3.6 million worth of taxes, and be reimbursed $2.8 million on $149 million property worth of property, netting the city $750,708 over 5 years.
Concord’s City Counsel feels that the lost revenue will be worth it if the additional 202 high-paying jobs are created in the city.
Alevo has not yet made a final decision about their new Concord expansion.
How do you feel about Alevo’s expansion and tax incentives?