The Community Developement Benefit
North Carolina's rural counties have been especially devastated by the economic crisis. The loss of state revenues, tax base and sales tax coupled with increased demand for social services, has brought many communities to the brink of collapse, threatening even basic services like fire, police and schools. This degrades our state's quality of life, economic viability, and poses serious ramifications for corporations doing business in North Carolina. Economic stimulus created by an SECDC investment can be crucial to a local community's survival. The Town of Plymouth presents a perfect case study:
The Town of Plymouth is the Washington County seat and for over 200 years has been a viable community, but due to layoffs Plymouth's poverty rate now exceeds 37%. A penny of Plymouth property tax only raises roughly $14,000. To add to the crisis, Plymouth's sewer system is chronically failing causing raw sewage spills effecting the Roanoke River, a primary source of tourism. While state and federal agencies have grants to aid Plymouth, lack of reoccurring revenue hampers Plymouth from correcting the problems.
An SECDC project would provide significant and immediate local economic activity. Lease payments to Plymouth and the system donation would mean rucial recurring revenue that would allow Plymouth to draw down millions in grants and upgrade their infrastructure needs.
The Plymouth scenario is not an isolated case. Across North Carolina, communities are in crisis. An SECDC investment does not sacrifice Investor ROI for social impact, but creates significant social impact as a natural result of the investment; and that social return will contribute to North Carolina's economic strength for generations to come.
North Carolina Population Living Below Federal Poverty Level
15% to 20%
20% to 25%
25% to 30%
More than 30%
