The Schaeffler manufacturing facility coming to north Dover is the biggest project investment in the city’s history.
Mayor Shane Gunnoe says the company is just a few weeks away from starting construction of Phase 1, which has grown significantly since it was first proposed early last year, at $49 million and 315,000 square feet, over double the initial 130,000 square foot proposal.
Schaeffler has said the facility will manufacture components for electric vehicles, including electric axles. Meanwhile, the 30-home Crimson Cove subdivision on the city’s north side is also exceeding expectations with higher than anticipated home prices and strong sales.
Lawver Homes expects to begin home construction in June. Both projects are possible in part due to TIF, or tax increment financing, agreements. That means future property tax revenue from the developments will help pay off associated public infrastructure improvements including utility connections and roadwork.
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