New York company behind $400 million project in Rock Hill set to receive tax breaks
There’s a name to go with the plan for more than 400 new jobs in York County.
New York-based silicon carbide manufacturer Pallidus, Inc. is the company behind a deal that would bring more than $440 million of investment to the area. The York County Council approved two of three readings for a tax incentive deal without divulging the company name. A third and final vote, with a public hearing, comes Monday night.
Pallidus works in the transportation, green energy and telecommunications markets. The company started in 2015, making a powder used in silicon carbide wafers. The company began growing carbide crystals and producing wafers, according to its website, before a 2021 investment to scale up its facility. The incentive deal for York County notes the project involves manufacturing, but not specifics of what a new facility might do.
The tax incentive deal involves land owned by Bac/Calare Rock Hill at Waterford Park and Overview drives in Rock Hill. More than 30 acres there sit beside and almost within the Waterford Golf Club property bought by a Carolina Panthers affiliated company before the team’s headquarters plan for Rock Hill failed to materialize.
County land records show Massachusetts-based Bac/Calare bought its acreage there last summer for $32.5 million.
The agreement up for final approval Monday would create tax incentives for Pallidus. In turn, the company would commit to meet investment and new job thresholds within eight years.
The company projects more than $443 million of investment and 405 new jobs created. The actual agreement, though, requires a $150 million investment if 125 jobs are created to get tax incentives. Or, a $400 million investment for the company to pay a 4% property tax rate. The agreement would run 40 years.
The deal would set a millage rate that’s adjustable every five years. The 4% rate is less than half what a typical manufacturing rate would be without a fee agreement, at 10.5%.
Monday’s public hearing and final vote on the deal comes during the 6 p.m. York County Council meeting at 6 S. Congress St. in York.
This story was originally published February 3, 2023 at 3:42 PM with the headline "New York company behind $400 million project in Rock Hill set to receive tax breaks."
