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New Belgium $8.5 million incentive package approved

| August 8, 2012 | Comments (0)

More from last night’s marathon five-hour city council meeting. Not only did it see the failure of Holly Jones’ proposed amendment protecting city employees from discrimination over sexual orientation, it also saw the approval of big bucks in an incentive package for new West Asheville neighbor New Belgium Brewing.

From WLOS:

New Belgium brewing is set to receive close to $8.5 million for it’s new facility in the River Arts District. County commissioners approved the incentive package at Tuesday’s meeting. The money will be distributed in 13 yearly payments. In April, New Belgium announced it would build it’s east coast facility in Asheville. The company has promised to invest $175 million in the community and create more than 150 jobs.

And from Mountain Xpress:

Commissioners unanimously approved giving New Belgium Brewing Co. $8.45 million in economic incentive grants.

In exchange, the Fort Collins-based brewery has agreed to invest $175 million in a new production facility on Craven Street at the edge of the River Arts District, eventually hiring 154 workers.

The county grants are in addition to the $3.5 million in incentives and infrastructure improvements being offered by the city of Asheville and a $1 million grant from the state One North Carolina Fund. All in all, the brewer has been given roughly $13 million in incentives from city, county and state governments.

From Mountain Xpress back in April, more about what Asheville expects to receive after offering New Belgium this level of stimulus:

In exchange, the brewer has agreed to create 130 local jobs with an average annual wage of $50,388 (the current average in Buncombe County is $33,800). New Belgium has also agreed to invest $115 million in its new facility, which will be located on Craven Street at the edge of the River Arts District. The third-largest craft brewer in the United States, the Fort Collins-based brewery is planning to build a brewery, distribution warehouse, tasting room and rooftop beer garden at the site.

If those requirements are achieved, the second phase of Buncombe County’s incentive package will kick-in in 2023: Three more yearly grants of $650,000, bringing the total amount to $8.45 million by 2026. In exchange, the brewery would be required to create 24 more local jobs and invest $60 million more in to the facility, bringing the company’s total contributions to 154 jobs and $175 million in investments.

 

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Category: Asheville beer, Asheville News

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