Item:
Title
Public Hearing to Consider an Economic Development Agreement with Welcome Venture Park, LLC (20 min)
Body
Date of BOCC Meeting: March 23, 2026
Request for Board Action:
Agenda Text
The Board is requested to hold a public hearing to consider a potential Economic Development Agreement ("Agreement") with Welcome Venture Park, LLC ("Company"). The Agreement, to be negotiated and executed by the County Manager, would include: (a) a payment from the County to the Company of $1,000,000 following satisfactory completion of sewer utility infrastructure necessary to enhance the business prospects of the County; (b) a real estate option provided by the Company to the County permitting acquisition of 1420 Old Oxford Road [7.81 acres; REID of 177731; "Parcel"] for $1,000,000 following a six-month due diligence period, after which the County could ultimately decline to purchase for any reason or no reason at all; and (c) a community benefits package including Company commitments to internships and workforce development programming. Additional information can be found in the attachment to this agenda item.
The Company is developing Welcome Venture Park, a 157-acre industrial/business park ("Site") in North Durham along Hamlin Road, approximately between Old Oxford Road and Industrial Drive. Construction is ongoing and occurring in three phases, and upon completion, it is estimated that the Site will collectively produce approximately $270M+ in new taxable value and support 300+ new jobs. Both Phase 1 and Phase 2 have adequate utility capacity. However, Phase 3 does not have adequate sewer capacity, as the City's Lutravil Pump Station, located approximately 0.75 miles north of the Site, cannot accommodate additional development. Improvements to this pump station, to be undertaken by the Company, will permit additional growth within the Site itself as well as within the larger basin. Additional reserve capacity could also be used for more sewer intensive pro...
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