MONROE – Union County plans to buy 350 acres off Goldmine Road to build its first industrial park.
The county negotiated terms in January with Goldmine Generations LLC to buy 331.4 acres for $16.6 million and RR/74 LLC to buy 24 acres for $1.2 million, according to Deputy County Manager Michelle Lancaster.
Commissioners made their intentions to buy official after a public hearing on Feb. 18.
The total cost of the project will come to $21.2 million, which includes the construction of a pump station to service the industrial park.
Lancaster said the county began considering the development of an industrial park in late 2016 due to a couple drivers. The county saw residential growth surge past commercial and industrial growth, creating an imbalance that put more tax burden on homeowners. Second, industrial development slowed due to the lack of buildings and industrial-zoned land.
The City of Monroe has developed two industrial parks.
Monroe Corporate Center and Arrow Point Industrial Park have generated a combined $750 million in capital investment and 2,000 jobs, according to economic development officials. And Monroe decided to buy nearly 156 acres along Sutherland Avenue in August 2018 to supplement that.
Chris Plate, executive director for Monroe-Union County Economic Development, has also given presentations in Indian Trail and Waxhaw in hopes of convincing leaders to zone properties for industrial uses.
Plate told Waxhaw leaders in August 2018 that industrial zoning generates about 65 percent more revenue per acre than residential property.
Commissioner Jerry Simpson said developing industrial parks doesn’t come without risk; however, the county has consulted many people. He thinks it’s a good thing for Union County.
“I look forward to that project reaping benefits in terms of lessening that burden on our residential customers,” he said.