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Rating:Boston Behemoth Bets on Tarheel Workers Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 03, 2006

Boston Behemoth Bets on Tarheel Workers

by: Sean Hanna, Editor in Chief

Fidelity is making a $100 million commitment to North Carolina said the state's governor on Wednesday. The move by the Boston Behemoth is part of its ongoing effort to expand beyond its northeastern base and create locations in lower cost regions of the country.

The fund firm promised Governor Mike Easley that it will spend the $100 million to open a new facility in Wake County, part of the famed Research Triangle Park area, that will house as many as 2,000 new employees. Fidelity already employs some 1,000 workers in the Research Triangle Park who will relocated to the new office.

All counted, Fidelity now claims more than 38,000 employees.

In exchange for the commitment, the state is offering Fidelity incentives worth nearly $69 million over 12 years, according to Easley. The incentives include a Jobs Development Investment Grant potentially worth $54.6 million, a $2 million grant from the One North Carolina Fund and $3.8 million in potential sales tax refunds on building supplies. The state will also provide Fidelity with job training incentives worth $4.6 million. Finally, Wake County will provide a local incentives package of grants and infrastructure improvements valued at $4 million.

To earn all of the incentives, Fidelity will contribute $18.2 million to the state's Industrial Development Fund. 

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