Item:
Title
Board Approval - To Consider Allocating Economic Development Funds to Taysha Gene Therapies
Body
Date of BOCC Meeting: January 25, 2021
Request for Board Action:
Agenda Text
The Board was requested to conduct a public hearing at the January 11, 2021 Regular Session meeting to consider allocating a total of $540,000 to Taysha Gene Therapies. There were no comments received during the 24hr public comment period which ended on January 12, 2021.
The Board is requested to authorize the County Manager to enter into preliminary negotiations and execute an agreement with the Company. The Company, which specializes in Gene Therapy production, will locate in Durham County, creating 201 jobs and investing $75 million.
Taysha Gene Therapies, headquartered in Dallas, is developing an extensive portfolio of gene therapies and expects to file as many as four Investigational New Drug (IND) applications for its product candidates next year. In Durham, the company plans to invest $75 million in capital expenditures over a period of two and a half years to build out and operate an approximately 187,000 square foot, commercial-scale manufacturing facility for preclinical, clinical, and commercial production of its gene therapy product candidates. The site will be developed to meet the rigorous FDA benchmark of a current Good Manufacturing Practices (cGMP) facility.
With approval of the award, the Company has agreed to make reasonable efforts to participate in several workforce partnerships that include engagements with Durham Public Schools Career and Technical Education, Durham Technical Community College and North Carolina Central’s University. Please find additional project details including a full list of partnerships, terms and project attributes in the briefing sheet attached to the agenda item.
Taysha’s expansion in North Carolina will be facilitated, in part, by a job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $772 million. Payments for all JDIG and local awards only occur following performance verification that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue, even after taking into consideration the grant’s reimbursement payments to a given company.
Staff is recommending that the County provide $540,000 in Economic Development Investment funds to Taysha Gene Therapies subject to performance goals being met by the Company related to timing and amount of investment, employment creation and maintenance of the created jobs as well as partnership engagement criteria.
This public hearing was advertised as required by law.
Alignment with Strategic Plan: This item aligns with Goal 4: Environmental Stewardship and Community Prosperity to promote and support the community and economic vitality for all residents
Resource Persons: Andrew Miracle, Economic Development Officer; Jay Gibson, General Manager Goal 4
County Manager’s Recommendation: The County Manager recommends that the Board that the Board consider allocating a total of $540,000 to Taysha Gene Therapies and authorize the County Manager to enter into preliminary negotiations and execute and agreement with the Company.
Signature
County Manager: ____________________________