North Carolina has backed Apple’s plans to postpone its hiring and investment goals that earned the company hundreds of millions in state incentives to build a corporate campus in Research Triangle Park, according to The Herald.
The Economic Investment Committee, the state board that approved the incentives in 2021, has agreed to a four-year project extension, at Apple’s request, the article adds. The Research Triangle, commonly referred to as simply The Triangle, is a region in the Piedmont of North Carolina, anchored by North Carolina State University, Duke University, University of North Carolina at Chapel Hill, and the cities of Raleigh and Durham and the town of Chapel Hill.
In April 2021, Apple committed to investing US$1 billion in North Carolina over the next 10 years: $448 million to expand its data center in Catawba County and $552 million to construct a new 3,000-worker corporate campus in RTP, near Morrisville and Cary.
In return, the state offered a special “transformative” grant that could deliver Apple up to $845 million in tax benefits if it reached certain annual hiring and investment targets, The Herald notes. However, the tech giant hasn’t yet started its RTP campus. In June 2024, the company confirmed it would pause its plans for four years and negotiate with North Carolina officials to rework its state agreement. In a statement at the time, Apple wrote it was still “looking forward to developing our new campus in the coming years” and noted it has added around 600 positions in the Raleigh area since 2021. On Tuesday, the Economic Investment Committee approved the company’s request to delay the grant requirements four years.
Article provided with permission from AppleWorld.Today