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The original item was published from 2/9/2006 7:33:05 PM to 9/9/2007 12:19:10 AM.

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Posted on: February 9, 2006

[ARCHIVED] LabCorp to Build Corporate Headquarters in Burlington's Downtown

Economic Development Incentive for LabCorp

Laboratory Corporations of America, otherwise known as LabCorp submitted an economic development incentive application to the City of Burlington requesting an expansion of existing industry incentive and a corporate headquarters incentive. The company submitted the request in hopes to defray the taxes that will be incurred by their investment on the construction of their new downtown complex. LabCorp’s estimated investment would be $12 million, with a proposed incentive of 2%. The incentive is to be paid over four years, with positive cash flow to the City beginning with that very first year. The incentive would total $240,000 after four years, breaking down to $60,000 per year. The projected new tax dollars that will be generated from the project would bring in a four-year total of $266,400 ($66,600 per year), with a positive cashflow to the totaling $26,400 ($6,600 per year) to the City. As is shown, providing the incentive that will allow LabCorp to construct their headquarters in downtown, provides immediate benefits back to the City.

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