Asheville City Council Public Hearing - January 27, 2026

Asheville City Council Public Hearing - January 27, 2026 TAKE NOTICE that the Asheville City Council will hold a public hearing on January 27, 2026, to consider the following matter: Authorizing the City to enter into an agreement with a company, herein referred to as Project Vessel, for economic development incentives as authorized pursuant to N.C. Gen. Stat. 158-7.1. Project Vessel would agree to operate and maintain a facility in Buncombe County, all of which would be located in the City of Asheville. Project Vessel is proposing new, taxable, capital investment of $2,500,000 to acquire and install machinery and equipment and make improvements to real estate and has requested consideration for a cash grant under the City of Asheville Economic Development policy. Project Vessel is projected to result in the creation of 40 new jobs, which will pay an average wage of $26 per hour, equivalent to over $ 54,000 per year. The City of Asheville proposes to offer Project Vessel a performance-based grant not to exceed $35,000. The performance-based grant will be paid over a three (3) year period and distributed after mutually agreed performance benchmarks are established, taxes are paid and verified, and the company requests payment. The amount of the annual payment will take into consideration the estimated annual ad valorem tax revenue attributable to the capital improvements. Any amounts paid to Project Vessel pursuant to the Agreement are subject to adjustment or recapture if the terms and conditions of the Agreement as to investment job creation are not fulfilled. The City will fund the payments from the general fund. The purpose of the proposed cash grants is to encourage Project Vessel to proceed with its proposed project in Asheville. The City Council believes that the project will further the economic interests of the area served by the City in several ways, including: (a) creating a substantial number of jobs having a wage at or above the living wage for Buncombe County; (b) enhancing the City's tax base and the City's tax revenues; and (c) encouraging regional cooperation in public purposes through economic development. In addition to holding the public hearing, at this meeting, the City Council intends to approve the making of these cash grants, and may approve and enter into the Grant Agreement with Project Vessel. This public hearing will occur at 10:00 a.m. on January 27, 2026 in the City Council Chamber, located on the 2nd floor of the City Hall Building, 70 Court Plaza, Asheville, N.C. For more information, contact City Manager's Office located on the 2nd Floor of the City Hall Building, or call 828-259-5604. All persons with disabilities who need auxiliary aid should contact the ADA Coordinator at 259-5800. TTY number 259-5548, at least 72 hours prior to the public hearing. January 16 2026 LGSC0439902