Apple will initially invest $55 million into the 100 acre property building a 17.5 megawatt solar farm. The project will create 75 indirect jobs during construction and Apple has agreed to source jobs locally, if possible.
The market value of the land is said to be over $1.4 million. According to North Carolina law, 80% of the appraised value of a solar energy electric system is excluded from the city's tax base. The appraised value won't be determined until after construction is finished.
Apple is planning to submit a grading permit for the property by the end of the year and the solar farm should be completed within five years of the commencement date.
The company has two other solar farms. One on its campus in Maiden and another on Lai Ber Road in Conover.
Read More [via Alex]