Economic Development Policies
Hillsborough is a superb place for businesses and people to call home. The historic town is located midway between the mountains and beaches of North Carolina, and it is conveniently located at the junction of interstates 85 and 40, in close proximity to the Triad and Triangle. Hillsborough also offers incentives to attract new businesses and retain current ones.
Under the Economic Development Incentive Policy, available at the bottom of this page section, the town can offer tax grants, reimbursements and other non-financial incentives when businesses meet predetermined performance standards, such as hiring a certain number of employees or investing a certain amount of money. A tax grant can reduce the local property tax rate of a business by up to 75 percent of the taxable value of improvements for up to five years. Non-financial incentives can include delaying annexation up to three years and expediting the town’s review and approval process.
Tax grants are intended to:
- Develop jobs.
- Attract development that expands existing businesses.
- Attract development that improves municipal infrastructure.
- Attract development that improves energy and water conservation.
- Target development in specific areas areas of town.
Businesses eligible for incentives must:
- Provide substantially non-residential capital investment.
- Be taxable.
- Invest within Hillsborough’s corporate limits or volunteer to be annexed.
Those receiving incentives also are expected to be involved actively or financially in the community or local nonprofits and are strongly encouraged to offer job fairs in Hillsborough to employ as many town citizens as possible.
Hillsborough has several prime locations for development, including:
- Waterstone — a 337-acre mixed-use development between interstates 85 and 40, bordered by N.C. 86 and Old N.C. 86. The development is anchored by Durham Technical Community College’s Orange County campus and the UNC Hospitals Hillsborough Campus with a 68-bed hospital.
- Oakdale Village — a 9.5-acre commercial development off Old N.C. 86 between interstates 85 and 40. The development is anchored by UNC Family Medicine and has a corner outparcel approved for an 11,000-square-foot drugstore with a drive-through.
- Hampton Pointe Shopping Center — a 58-acre commercial development off Interstate 85 and N.C. 86. The development is anchored by Walmart Supercenter and The Home Depot. It has one outparcel to be developed, and more retail space to be built and leased.