Economic Development

“We wish to attract, retain, and expand clean, environmentally friendly industry that protects our natural and cultural resources.”

— Town of Hillsborough Economic Development Incentive Policy

Hillsborough — conveniently located at the junction of interstates 85 and 40 and in close proximity to the Triad and Triangle — makes a superb place for businesses and people to call home. The town —  centrally located between the mountains and beaches of North Carolina — also now offers incentives to attract new businesses and retain current ones.

Incentives

Under the Economic Development Incentive Policy, the town could offer tax grants — or reimbursements — and other non-financial incentives when businesses attain pre-determined performance standards, such as hiring a certain number of employees or investing a certain amount of money. An offered tax grant could reduce the local property tax rate of a business up to 75 percent of its taxable value of improvements for up to five years. Non-financial incentives could include delaying annexation up to three years and expediting the town’s review and approval process.
 
The tax grants are intended to:

• Develop jobs.
• Attract development that expands existing businesses.
• Attract development that improves municipal infrastructure.
• Attract development that improves energy/water conservation.
• Target development in specific areas, including:
  • The U.S. 70/Cornelius Street corridor in northern Hillsborough.              
  • The Churton Street corridor that runs north-south through town.             
  • The Transit-Oriented Development District southeast of downtown.             
  • The Economic Development District.            
  • The town’s entrance ways.

Eligibility

Businesses eligible for the incentives must:

• Provide substantially non-residential capital investment.
• Be taxable.
• Invest within Hillsborough’s corporate limits or volunteer to be annexed.

Those receiving incentives also would be expected to be involved actively or financially in the community or local nonprofits and would be strongly encouraged to offer job fairs in Hillsborough to employ as many town citizens as possible to fulfill employment needs.

For more information on the economic development incentives and the process, see the town’s policy below.

Prime Locations for Development

Hillsborough has several prime locations for development, including:

• Waterstone — a 337-acre mixed-use development between interstates 85 and 40 and bordered by N.C. 86 and Old N.C. 86. The development currently is anchored by Durham Technical Community College’s Orange County campus. UNC Hospitals is building a medical campus that will include a 68-bed hospital.
• Oakdale Village — a 9.5-acre commercial development off Old N.C. 86 between interstates 85 and 40. The development currently is anchored by UNC Family Medicine and has a corner outparcel approved for an 11,000-square-foot drugstore with a drive-through.
• Hampton Pointe Shopping Center — a 58-acre commercial development off Interstate 85 and N.C. 86. The development currently is anchored by Walmart Supercenter and The Home Depot. It has three outparcels to be developed and more store space to be built and leased. 

Have questions?  Contact staff.