MORRISVILLE — The town will give medical device maker Teleflex $200,000 over three years, as long as the company hits it job-creation target and invests $25 million.
The state will match Morrisville’s incentives package through the One North Carolina Fund, which aims to attract business projects that stimulate the economy and create new jobs.
Teleflex is moving its Triangle operations to Morrisville and plans to create about 75 well-paying jobs over the next three years. The company, based in Limerick, Pa., currently employs 442 people in Durham and Research Triangle Park.
“It brings jobs into Morrisville,” Councilman Steve Diehl said of the local incentives package. “It’s more development. It’s a positive thing for the town.”
Teleflex designs, manufactures and supplies medical devices used by hospitals and health care providers in more than 140 countries.
The jobs in Morrisville are expected to pay an annual salary of about $73,000 to $80,000. That’s well above the Wake County average income of $48,042.
Giving the company incentives helped make Morrisville competitive, Diehl said. The company also considered Houston for its expansion, according to the state Commerce Department.
“You have to compete for industry,” Diehl said. “It pays off in the long run.”
Teleflex will add about $100,000 a year to Morrisville’s tax base.
Under the incentives deal, the town will pay Teleflex $50,000 in January 2016, $75,000 in 2017 and $75,000 in 2018.
Councilman Michael Schlink said in addition to the incentives, Morrisville had something else to offer: location.
“We’re the heart of the Triangle,” he said. “We’re close to the airport, we’re close to Research Triangle Park, and of course, Raleigh is a draw too.”
Perimeter Park expansion
Duke Realty announced Monday that it will begin construction on another new office building at Perimeter Park. Teleflex will occupy 130,000 square feet of Perimeter Three’s 245,352 square feet of space.
Construction is expected to be complete by September 2014.
“Teleflex’s decision to relocate to Perimeter Park in the fast-growing Morrisville submarket is testament to the appeal of this well-located and easily accessible, mixed-use development for thriving businesses,” Jeff Sheehan, senior vice president for Duke Realty’s Raleigh operations, said in a statement.
Perimeter Park is home to a little more than 2 million square feet of office space, about 97 percent of which is leased. The park’s largest tenants are PC-maker Lenovo, the contract research organization PPD, and Tekelec, a telecom company that was acquired by Oracle earlier this year.
Several years ago, Morrisville offered Lenovo an incentives deal. Now the company is one of the town’s top taxpayers. Last year, Lenovo brought in about $119,000 in property taxes, according to Wake County records.
Staff writer David Bracken contributed to this report.
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