Item:
Title
Budget Ordinance Amendment No. 19BCC000010 to Recognize $220,000 in Economic Development Funds to LabCorp
Body
Date Of BOCC Meeting: August 13, 2018
Request For Board Action:
Agenda Text
The Board is requested to approve Budget Ordinance Amendment No. 19BCC000010 to recognize $220,000 in economic development funds to LabCorp that were approved after a public hearing was held at the July 23 Board of County Commissioners regular session. The funds were provided as a donation to Durham County by Karlin Real Estate via the Chamber of Commerce.
The global life sciences company known for its world-class clinical laboratory and drug development services, will locate a new operations center in Durham County, creating 422 jobs. The new positions will be added over time, and will include IT designers, software developers, operations staff, and senior and middle managers. LabCorp has been a member of the Durham community for over two decades and currently has over 1,000 employees locally and 60,000 worldwide. This global reach would have allowed LabCorp to expand anywhere. The company will invest $30 million in a Durham facility on the Parmer RTP campus and provide a positive source of momentum for investments in Parmer RTP. In addition to the new positions that will be added over time, the facility will house existing information technology staff, along with personnel from its drug development business, who currently occupy several locations in Durham and Wake counties.
LabCorp, headquartered in Burlington, North Carolina, provides comprehensive clinical laboratory and end-to-end drug development services. With a mission to improve health and improve lives, LabCorp delivers world-class diagnostic solutions, brings innovative medicines to patients faster and uses technology to improve the delivery of care. LabCorp's expansion in Durham County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state's Economic In...
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