(The Center Square) – Edenton plans to use federal tax credits to bring 155 new technology jobs to its downtown.
A North Carolina state agency this week approved the use of the “new markets” tax credits for the project which should be up and running by July. The money will be used to renovate large vacant spaces formerly occupied by department stores in the town of about 4,500 in the northeastern part of the state where the Chowan River meets the Albemarle Sound.
The new markets tax credit program encourages investors to locate projects in low-income communities in exchange for a 39% income tax credit over seven years.
Edenton officials approached the technology company, Provalus, about locating in the downtown area, Edenton Mayor W. Hackney High Jr. told The Center Square. The company specializes in locating technology centers in rural communities.
Unlike many small towns, Edenton has been able to maintain a vibrant downtown in part because of tourism and its proximity to the Outer Banks, the mayor said.
“But we had three large buildings that were sticking out like a sore thumb,” High said.
Two of the three buildings had formerly been department stores, one a Sears & Robuck, the other a Belk.
“We just found that we couldn’t get any interest from any of the retailers to come to a town of our size, much less to a downtown,” the mayor said. “National retailers and regional retailers just had no interest in those spaces.”
Provalus is locating in rural areas to find “undiscovered talent” including young people who don’t want to move to larger cities, High said. Provalus also has centers in two other North Carolina towns, North Wilkesboro and Whiteville.
The technology center will be open 24 hours a day, seven days a week providing tech support to Provalus clients, High said. Provalus had announced the commitment as a $6.5 million investment earlier this year.
“It’s going to make a very lively downtown we think,” said the mayor.
Downtown’s newest coffee shop is located on the ground floor of one of the two buildings that Provalus will occupy. Bringing Provalus was dubbed Project Teapot by the town administration.
The new jobs will average slightly more than the county’s current average of $46,000, the mayor said.
Like many small towns, Edenton has experienced its share of factory closures over the last few decades, including a cotton mill and a plant that made dyes for the furniture industry.
Provalus will bring jobs to Edenton that are similar to those found in large urban areas, giving options to young people who want to live and work in smaller towns, said High.
“That’s one reason why we are so excited about this,” said the mayor.
