NCR’s plan to add a second phase to its new headquarters in Midtown Atlanta could significantly boost the company’s incentive package from state and city governments.
The financial technology giant could stand to receive additional incentives of about $45 million from state tax credits, local property tax incentives and a state grant, according to an analysis of documents by The Atlanta Journal-Constitution.
That’s on top of about $16 million in incentives offered to NCR by the city when NCR first announced plans to move to Atlanta from Gwinnett County in 2015.
NCR confirmed plans in September to add about 1,800 new jobs in Midtown on top of the 3,600 jobs it committed to moving from Gwinnett. NCR also said it will lease a second tower next to a 20-story building now under construction near Technology Square.
The incentive figure was smaller for NCR’s first phase because the positions already existed in Georgia and didn’t qualify for state jobs tax credits. The latest package includes tax credits related to new jobs and positions that would be relocated from out of state.
The credits amount to $3,500 for each new job created for up to five years, which could total $31.5 million for 1,800 jobs.
According to a document from Invest Atlanta, the city will consider property tax breaks totaling about $7.7 million for the second tower at the agency’s Thursday board meeting. The document said Atlanta faced competition from other cities for the expansion.
The property tax breaks are scheduled to go before Invest Atlanta’s board on Thursday, according to a meeting agenda.
Developer Cousins Properties owns the headquarters campus and NCR will occupy the property under a long-term lease.
Separately, the state of Georgia agreed in September to provide NCR a grant of $5.6 million to help induce the expansion that includes the second building.
The NCR headquarters move adds to a burgeoning technology scene in Midtown Atlanta. Jobs at the complex are expected to pay about $82,000 annually on average.
An NCR spokesman did not immediately return a message seeking comment.
The AJC previously reported that the company was attempting to reach an incentive threshold for a “mega” project designation that could super-size tax credits to an even higher value, but it would appear from Invest Atlanta documents that will not be the case.
Founded in 1884 as National Cash Register in Dayton, Ohio, NCR moved to Gwinnett in 2009, lured then by about $109 million in state and local incentives.
Also on Thursday, Invest Atlanta’s board will consider approval of a $550,000 city Economic Opportunity Fund grant to Honeywell for the company’s planned technology center and headquarters for its largest division in Midtown. The Honeywell jobs are expected to pay more than $100,000 annually on average.
Honeywell plans to create about 800 jobs as part of its expansion. The state previously announced it would provide a $1.5 million grant as part of an incentive package Honeywell officials said is valued at about $12 million.