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Because the county could not transfer the land directly to Rolls Royce, the county transferred it first to its own Industrial Development Authority, which then transferred it to Rolls-Royce. County Administrator John Kines said the process was in accordance with state law.
Kines said the property transfer was part of a memorandum of understanding between the county and Rolls-Royce for the development of the land into the industrial facility.
"The land transfer had to be done by the end of the year," Kines said. "When the Rolls-Royce announcement was made, it was sort of a foregone conclusion, but it still had to be done."
While the county does not directly financially benefit from the transfer of the property as it would in a sale, Kines said the county will benefit for years to come by having the property back on the tax rolls.
"With the machinery and tools taxes and the real estate taxes, the county will benefit many times over," Kines said.
Rolls-Royce announced last year plans for a $170 million production-and-testing facility for its "next generation" jet aircraft engines at the Crosspoint Centre Industrial Park.
Ultimately, Rolls-Royce could invest up to $500 million in the facility.
Crosspointe Centre is located adjacent to Quaker Road between Interstate 295 and U.S. Route 460.
Kines said that if Rolls-Royce builds out the site, real estate taxes alone could total $4.4 million.
"That's in the long term though," Kines said. "That's why the county and the state have invested so much in incentives in this project."
Kines added the company will be bringing in a number of high-quality, high-paying jobs for the county.
Construction on the project is set to begin sometime next year, Kines said.
F.M. Wiggins may be reached at 732-3456, ext. 3254 or fwiggins@progress-index.com.
To see more of The Progress-Index or to subscribe to the newspaper, visit http://www.progress-index.com. Copyright (c) 2008, The Progress-Index, Petersburg, Va. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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