City of Monroe Adopts New Economic Development Incentive Policy to Drive Quality Growth

Monroe City Council voted unanimously Tuesday, March 24, to adopt a new economic development incentive policy, striking a balance between attracting high-quality investment and maintaining economic competitiveness, while ensuring that growth translates into quality jobs, responsible development, and long-term benefits for the Monroe community.

"This policy positions Monroe to compete more effectively for quality jobs and responsible investment," Mayor Robert Burns said. "We are focused on growth that benefits our residents by creating opportunities, strengthening our tax base, and preserving the character of our community."

For businesses and the site selectors who advise them, the policy offers something equally valuable: clarity. Rather than navigating an informal or inconsistent process, prospective partners can evaluate Monroe against a defined set of criteria from the start. That predictability, combined with Monroe's existing strengths in advanced manufacturing, aerospace, and agribusiness, makes the City a more attractive destination for serious investment discussions.

City Manager Mark Watson said the new framework brings consistency and discipline to the City's approach. "Every incentive agreement should deliver measurable value to our Monroe residents and this policy does that. It gives us a grounded framework balancing fiscal responsibility and transparency with competitiveness in today's economy."

Existing Industry and New Business Manager Donna O'Keefe noted that existing businesses are a cornerstone of Monroe's economic strategy. "Research consistently shows that existing employers account for roughly 75 percent of a City's economic growth," she said. "This policy ensures we keep investing in the businesses that are already contributing to Monroe's success."

Economic Development Director Teresa Campo said the policy reflects industry best practices and extensive input from stakeholders. "We've developed a program that is both competitive and accountable. Monroe is open for business and ready to partner on projects that deliver real, long-term benefits to our community."

How it Works

The policy establishes a clear, performance-based framework for evaluating and approving economic development incentives. Agreements are structured as commitments of up to five years, with incentive payments calculated based on the increase in assessed tax value above a baseline established at the time the agreement is signed. Grant levels are tiered based on the total amount of new capital investment, ranging from $3 million to $30 million and above. Payment amounts are determined annually through the City's budget process, ensuring ongoing accountability and transparency throughout the life of each agreement.

In other words, incentive payments are tied directly to the real, measurable growth a business generates in Monroe, ensuring the arrangement works for everyone involved.

The policy takes effect immediately. For more information, contact Economic Development Director Teresa Campo at tcampo@monroenc.org or 704-282-4526. Media inquiries should be directed to Communications@Monroenc.org.