The Lee County Commissioner voted Monday in favor of an economic development incentive package worth more than $6 million to entice a life sciences company to locate in Sanford.
The company has not been identified, but is called Project Star.
If Project Star locates here, the impact could mean a nearly 2-cent reduction in the property tax over the seven years of the agreement, according to Lisa Minter, the county’s financial officer.
Project Star is expected to bring $213 million in investment based on construction needs and the installation and purchase of machinery, according to Jimmy Randolph, CEO of the Sanford Area Growth Alliance.
It will create 315 new jobs with salaries averaging about $60,000 annually, Randolph said, and would be located in Central Carolina Enterprise Park.
“The company is considering the purchase of the second shell building,” Randolph said.
The first shell building is now occupied by the San Francisco-based Audentes Therapeutics that located a gene therapy business in the first shell building about a year ago.
“We have a thriving life sciences sector here in Lee County and (Project Star) will strengthen the presence of that sector in Sanford and Lee County,” Randolph said.
An agreement between the county and the city of Sanford is in place for construction of a third shell building.
The cost of the incentive package will be shared with the City of Sanford. The agreement was approved last week by the Sanford City Council.
Commissioners approved the package after a public hearing. Randolph spoke in favor of the agreement. No one spoke against the plan.