Local Politics

Wake commissioners OK MetLife incentives, school bonds

Posted April 1, 2013

— The Wake County Board of Commissioners on Monday adjusted the county's business grant policy to provide money to MetLife Group Inc., which plans to open a technology hub in Cary.

The insurance giant will consolidate some of its operations, bringing about 1,300 jobs to Cary and another 1,300 to Charlotte to handle its U.S. retail business. The company will invest $125 million combined in the two campuses.

Wake County guidelines call for companies to invest $100 million in local operations and create at least 50 jobs to be eligible for grant assistance. Commissioners adjusted the policy to allow county grants to companies who invest $50 million to create at least 250 high-paying jobs.

The average salary of the MetLife jobs in Cary is expected to top $100,000, which is more than double the average salary in Wake County.

With the policy change, MetLife will be eligible for up to $1.9 million from the county between 2015 and 2022. The company also received more than $94 million in state incentives.

In other business, the Board of Commissioners approved issuing $51.1 million in bonds for public school construction, $104.2 million in bonds for Wake Technical Community College projects and $21 million in bonds to purchase parcels for open space.

About $19 million of the school bonds, which won't require a property tax increase, will be used for the planned Career and Technical Education High School. The rest will go toward priorities in the Wake County Public School System building program.

Officials have said school building needs could top $2 billion.

Voters approved the open space bonds in 2007 and the Wake Tech bonds last fall.

12 Comments

This story is closed for comments. Comments on WRAL.com news stories are accepted and moderated between the hours of 8 a.m. and 8 p.m. Monday through Friday.

Oldest First
View all
  • superman Apr 3, 9:57 a.m.

    A commitment of money for 10 years is just too far into the future. Many marriages dont last that long. Our CC dont seem to be doing any better than our school board dealing with money. I would never vote for another school bond issue until they have year round schools in EVERY school. Doesnt make sense to have so many schools empty for 2 months every year and then spending a billion dollars to build more empty schools. They should try to please the taxpayers and monitor the money and stop trying to please the parents. Do I need to explain that we all pay taxes? We dont have children and I pay more to educate your children than you do.

  • krimson Apr 2, 1:09 p.m.

    Whatelseisnew: "at least we should pay for it as we go"

    What do you think we are doing now??? I don't see surplus schools sitting empty around the county waiting to be filled, do you??? In fact, we have overcrowding issues in some areas, while others will talk to you about how they don't have a neighborhood school close by... We are behind where we should be in terms of number of schools built... Are you sure you live in Wake County???

  • krimson Apr 2, 1:06 p.m.

    Beau: "Not a dime until the spending on buildings is given to someone who is adult enough to trust with the purse. i.e. NOT the School Board."

    Then it should be a relief to you that the County Commissioners always held the purse-strings when it came to school construction...

  • godiva30 Apr 2, 9:17 a.m.

    Mcrory, should we worry about Metlife doing this to our state?

    http://www.golocalprov.com/news/listen-employees-say-metlife-broke-promise/

  • godiva30 Apr 2, 9:17 a.m.

    What's sad is that Pat McCrory and his party is turning this state citizens against each other,and its working. No one is perfect and how would you like if things just get taken away from you because a party think that they can do it? In the meantime, our taxes is going to Metlife and they are all having drama within their employees now. Don't believe, take a look for yourself.

    http://www.golocalprov.com/news/listen-employees-say-metlife-broke-promise/

  • i4musicalarts Apr 2, 8:50 a.m.

    stymie in durham, are you on the right board? None of your questions has any relevance to this news story. No vote is required for these funds. And what is the "national average" anyway? (oh right, there isn't one....) Are you in Durham...which has exactly zero bearing on this story?

  • beaupeep Apr 1, 7:49 p.m.

    Not a dime until the spending on buildings is given to someone who is adult enough to trust with the purse. i.e. NOT the School Board.

  • Apex E Apr 1, 7:29 p.m.

    The comments regarding the public school system in our county are shameful. When did we get to a point where we failed to make the connection between access to education, quality of living, and job creation. The city of Raleigh and the surrounding areas are the fastest growing in our country and the Wake County school district is one of the most well thought of and respected school districts in the country. Sure, we have had some issues with politics on our school board, but in general we get a lot for our dollar living in this school district. Wake County Schools have the highest percentage of National Board Certified Teachers of any district in the nation. We also had a drop out rate of 2.83 percent last year. The state rate is way higher and that is the best it's been in years. I am tired of people blasting the schools without any statistical argument to show that our schools our failing. You think good schools are important to businesses moving into the area? Vote Yes.

  • Scubagirl Apr 1, 7:14 p.m.

    Well they need to enjoy these bonds now because I'm guessing/betting we the voters will NOT approve any more anytime soon.

  • stymieindurham Apr 1, 6:30 p.m.

    DO NOT vote for these school bonds. Nothing but buildings of "higher failure". Look at the national average. Where does NC stand? And we're getting what for our money???

More...