At their Oct. 15 meeting, Buncombe Commissioners are set to approve $84,000 in economic incentives for Plasticard-Lockteck International. The deal’s been in the works since last spring, when county officials promised the incentive grants to the company if it expanded operations at its Arden headquarters.
Since then, Plasticard has pumped $4.7 million into capital improvements at its plant in Sweeten Creek Industrial Park, according to the Buncombe County Tax Department. That exceeds the $4.4 million the county required for the company to invest in order to receive the grants. The other condition was that Plasticard hire 42 local workers, paying an average wage of $26,000 per year. The company has met that obligation as well, according to county documents.
If the county “did not promise such economic development incentives,” the company “would not complete the project,” according to the Oct. 15 resolution under consideration.
The tax department estimates that the company’s recent investment and new jobs will generate over $313,000 in tax revenue for the county over the next 10 years.
Described by the Economic Development Coalition for Asheville-Buncombe County as “a genuine success story,” Plasticard was founded in 1988 by W.C. Noonan out of the basement of his Arden home. It’s grown over the years into a global company, supplying keycards to hotel chains such as Hilton and Marriott across the planet. Plasticard employs more than 250 full-time workers at its Arden plant.
In other business, commissioners will consider a rezoning request to allow a manufactured home to be located on a small tract of land in Candler at 21 Antique Lane.
The board will meet at 4:30 p.m., Tuesday, Oct. 15, in the commissioner’s chambers, located at 30 Valley St. A short pre-meeting review of the agenda will begin at 4:15 p.m.