Apple pays $1.7 million to couple
A Maiden couple received $1.7 million from Apple Inc. for their property near the company's new facility.
Donnie and Kathy Fulbright, who lived in their Maiden home for 34 years, originally declined Apple's offer to buy their home. They agreed to sell for $1.7 million, county records show, opting to leave the single-story house on the less than 1 acre of land they bought for $6,000, according to Bloomberg News.
The Fulbrights' new 49-acre property in Newton includes a 4,200-square-foot house with a Jacuzzi in the master bathroom, as well as a manmade pond with bass and catfish.
The plot is adjacent to the site where Apple is building a warehouse-like structure - 500,000 square feet - that analysts say will brim with servers, generators and other gear that make it easier to deliver songs, TV episodes and movies via the iTunes online store.
The center is supposed to be completed by year's end. It will help Apple customers stream and store music and videos remotely - via the so-called cloud - rather than having to download files to a hard drive, said Gene Munster, an analyst at Piper Jaffray in Minneapolis. Apple announced plans for the facility in June 2009 and began construction in August, according to Bloomberg News.
Apple said it may employ 50 people at the center and expects to generate 250 more jobs in areas such as maintenance and security, according to a state website and records compiled by the city and surrounding Catawba County.
Maiden and Catawba County may receive $9.3 million in taxes and other revenue in 10 years. That includes $5.1 million for Maiden, which has an annual budget of $13.1 million, and $4.2 million for Catawba, which has an annual $202.2 million budget.
North Carolina's legislature approved $46 million in tax breaks for the company. Local governments also trimmed Apple's real property taxes by half and slashed personal property taxes by 85 percent, records show, according to Bloomberg News.