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Google announces plan to invest $600 million in North Carolina

On Behalf of | May 3, 2013 | Business Formation & Planning |

On April 19, Google announced that the company has plans to spend $600 million to expand its data center in Lenoir. The plan to establish a business expansion will double the amount of money that Google has invested in North Carolina.

Google has also announced that it plans to participate in a new, voluntary energy program that allows customers to choose to purchase renewable energy. Duke Energy is developing the program for large customers and intends to make a regulatory filing with the N.C. Utilities Commission within the next 90 days before proceeding with the program. Customers are not required to participate in the energy renewal program, and there will be no impact on customers that choose not to participate. Representatives from Google and Duke Energy attended the announcement, along with the governor and members of the legislature.

The company did not release the details of the planned expansion or state what impact the change might have on employment rates in the surrounding area. However, Caldwell County’s unemployment is currently 11.6 percent, which is higher than the statewide average of 9.2 percent considering seasonal factors.

When a business is considering a new investment, a local attorney can often help draft documents to lay out the terms of the investment and make each party’s obligations clear. An attorney may be able to advise on different options available and what the likely impact would be. In addition, a business attorney might have the ability to explain the tax ramifications of different types of schemes or investments and help develop strategies for businesses to reduce tax liability while seeking to reach their goals.

Source: Triangle Business Journal, “Google Plans $600M expansion in N.C.,” Lauren K. Ohnesorge, April 19, 2013