GRANITE QUARRY — The town of Granite Quarry will be holding a public hearing on Thursday for an incentives agreement that would provide a tax break to AMREP for an expansion of its Rowan County operations that would bring 170 jobs to the area along with approximately $21 million in investments.

The incentive agreement would be for AMREP Manufacturing Company to expand its operations in Rowan County with a new facility located on Summit Park Drive within the Summit Corporate Center. AMREP has proposed renting the property, which is owned by Charlotte-based Beacon SCC and is inside the town’s portion of the annexation agreement, which was approved by Granite Quarry and Salisbury last year.

The agreement states that the company would invest approximately $21 million and would be expected to bring in at least 170 full-time jobs by Dec. 31, 2028. In return, the company would receive a “Relocation and Expansion Incentive Grant” from the town.

The grant would be based on the total tax assessment for a given year, which is calculated by adding the assessed tax value of the property prior to investments made by the company within that year and the tax value of personal property located at and used at the property, excluding inventory, supplies and rolling stock. That number would then be multiplied by the town’s tax rate, currently 44 cents per $100 of valuation, to get the total tax assessment. The grant reimbursement would then be 45 percent of that assessment for each fiscal year.

The grant would run for five fiscal years, beginning when the facility receives its final certificate of occupancy or substantially begins its operations.

The draft agreement included in the agenda for Thursday lays out the schedule by which the company would be expected to follow in regard to the job creation. The company would be expected to create 66 total jobs by the end of the 2026-2027 fiscal year, 111 total jobs by the end of the 2027-2028 fiscal year, 148 total jobs by the end of the 2028-2029 fiscal year, and 170 total jobs by the end of the 2029-2030 fiscal year.

The company would be required to certify its progress towards those goals by June 30 of each year. If AMREP fails to meet the annual employment numbers, the draft agreement states that the town may reduce the grant based on the percentage of the goal not met for that fiscal year. The agreement also states that the company cannot terminate its operations or reduce its workforce by 51 percent or more for three years after the last grant payment is made by the town.