Commissioners approve Novartis grant agreement for expanded Morrisville facilities

The board approved a consolidated business development grant agreement for Novartis Innovative Technologies on Sept. 21, combining two planned facilities in Pathway Triangle, Morrisville.

County staff said the combined projects increase planned capital investment to about $451 million and 180 jobs with average annual wages well above county thresholds. Under the county's policy the agreement is an eight-year performance-based grant equal to 50% of new Wake County tax revenue generated by the project, subject to company performance and full timely tax payments; the town of Morrisville and the state are participating in separate, complementary incentives.

Staff also noted the county increased the performance requirement for assessed valuation from $100 million to $200 million as part of the consolidated agreement. Commissioners approved the contract on a motion and second with no recorded opposition.