Ipreo Expands Wake County, North Carolina, Operations
“Over the past five years, Ipreo’s operations in North Carolina have become an important element of our global business,” said O’Hara Macken, Executive Vice President of Global Infrastructure and head of Ipreo’s North Carolina operations. “This region offers a talented and innovative workforce, a strong university system, and a collaborative business environment. We are pleased to be an active and engaged member of this community and are committed to continued growth here.”
“Ipreo has achieved significant growth since coming to Wake County in 2013, and I trust this success will continue,” said North Carolina Commerce Secretary Anthony M. Copeland. “Ipreo is committed to providing training and fulfilling opportunities for their employees and will bring 250 new opportunities to Wake County and the surrounding area.”
The North Carolina Department of Commerce and the Economic Development Partnership of N.C. led the state’s support for the company’s expansion. Ipreo’s expansion in Wake County 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 will grow the state’s economy by an estimated $549 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,085,000, spread over 12 years.
State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Ipreo chose to expand in Wake County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving nearly $695,000 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Wake, the new tax revenue generated through JDIG grants helps more economically challenged communities anywhere in the state. More information on the state’s economic tier designations is available here.
“North Carolina is home to financial services and tech companies that are leaders in their industries and partners to their communities,” said Governor Roy Cooper. “Ipreo is expanding in Wake County because they know that the talent, world-class universities and research institutions and strong business climate in North Carolina are unmatched.”
Partnering with the North Carolina Department of Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Wake County, the City of Raleigh and Wake County Economic Development.
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