Winston-Salem is aiming to persuade an international manufacturing company to move to the city.
On Monday, the City Council approved a financial incentive package for Radel, Inc., a South African manufacturer of electrical components for trains and electric vehicles.
The company is evaluating sites for its first North American production facility. Officials say the project would represent a $5 million taxable capital investment over the first five years of operations, and create 50 new jobs with salaries averaging $65,000 per year.
At Monday’s meeting, the Winston-Salem City Council approved a five-year economic development package worth $68,000 — about half of the projected net new property taxes.
Ellis Keifer, with Greater Winston-Salem Inc., spoke in favor of the company, telling Council it has demonstrated a commitment to “community partnership.”
“This project will have a meaningful impact on individuals and families in Winston Salem," she said. "And the project furthers our economic development strategy to grow our advanced manufacturing sector.”
Forsyth County has already approved its own economic package for the company. Additional incentives could be offered by the state.
Radel is also considering locations in South Carolina and New York.