FINANCIAL_SERVICESPENDING

town-of-holly-springs-economic-development-agreement_ac5.pdf

Holly Springs Incentive Agreement with Genentech for Apollo 11

Business Investment Grant not to exceed $13,740,000Town of Holly SpringsGENENTECH INCAugust 19, 2025

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Description

The Town of Holly Springs plans to enter into an Economic Development Agreement with Genentech, Inc. that provides a Business Investment Grant of up to $13.74 million over eight years, equal to 50% of incremental property taxes generated by Project Apollo 11. In return, Genentech will invest approximately $700 million in a biologic drug fill-finish facility and create at least 420 new full-time equivalent positions in the town.

Contract Details

Contract Amount

Business Investment Grant not to exceed $13,740,000

Vendor

GENENTECH INC

Agency

Town of Holly Springs, NC

Contract Type

FINANCIAL_SERVICES

Document Date

August 19, 2025

Contract Term

Eight (8) consecutive annual BIG payments beginning as early as the year immediately following the year the Apollo 11 Increased Tax Value meets the Investment Benchmark and commencing no later than March 1, 2028; Agreement terminates December 31 of the year of the final BIG Payment

Renewal Info

Agreement is tied to eight annual BIG Payments, with clawback if the Investment Benchmark is not maintained during the eight-year period commencing with the first BIG Payment. Agreement may be terminated by mutual consent, by the Company at any time (subject to clawback if BIG Payments have been received), and otherwise terminates December 31 of the year of the final BIG Payment; no automatic renewals are specified.