NetApp will expand its Wake County operations. The company plans to create 460 new jobs over four years and invest more than $75 million into a new R & D facility in Research Triangle Park. The project was made possible in part by a state grant from the Job Development Investment Grant.
The new RTP data center will leverage the latest virtualization solutions to build a private cloud environment to provide virtual access for NetApp engineering labs around the world. It will also serve as a model for customers interested in building energy-efficient dynamic data centers and cloud environments for their enterprise users.
Compensation will vary by job function, but the average annual compensation for the new positions will be approximately $100,000, plus benefits. The average annual wage in Wake County is $45,396.
The North Carolina Economic Investment Committee voted to award a Job Development Investment Grant (JDIG) to NetApp. JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant.
Under the terms of JDIG, the company is eligible to receive a grant equal to 65 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the 10 years in which the company meets annual performance targets. If NetApp meets the targets called for under the agreement and sustains them for 10 years, the JDIG could yield as much as $11.78 million in maximum benefits for the company.
In addition, up to $3.92 million could be added to the state’s Utility Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded in the state’s more economically prosperous counties such as Wake, 25 percent of the grant is allocated to the Utility Fund to encourage economic development in less prosperous counties.
Other partners who assisted with this announcement include: The N.C. Department of Commerce, N.C. Community Colleges, Research Triangle Park Foundation, Wake County, and Duke Energy.