TITLE
Title
ECONOMIC DEVELOPMENT INCENTIVE REQUEST - THE CITY OF HIGH POINT CATALYST PROJECT
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SPONSOR
Sponsor
Michael Halford, County Manager
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BACKGROUND
Background
Pursuant to N.C.G.S 158-7.1, the Guilford County Board of Commissioners held a public hearing during its February 18, 2021 regular meeting to receive public input on a proposed economic development incentive request from the City of High Point in an amount up to $7 million distributed over a twenty (20) year period to support ongoing development in its Downtown Catalyst Influence Area. The project is expected to generate up to $1.3 million in additional annual tax revenue and 500 new jobs.
Pursuant to S.L. 2020-3 amendments to N.C.G.S 166A-19.24(e), the Board provided twenty-four (24) hours beyond the public hearing to receive public comments prior to voting on the incentive request.
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REQUESTED ACTION
Requested Action
Approve an economic development assistance grant to the City of High Point in the amount of $350,000 per year beginning in fiscal year 2022 and continuing for a period of 20 years for a total of up to $7,000,000 and authorize staff to negotiate and enter into an agreement with the City of High Point for the grant subject to the following conditions:
• The grant shall be used to support new development in the define Catalyst Influence Area and shall not be used for debt service on the stadium or any other existing debt;
• During fiscal years 2022 through 2026 the annual grant will only be paid in years where there is an increase in taxable real estate property in the defined Catalyst Influence Area. Thereafter, the annual grant will only be paid in fiscal years where the rolling five-year average increase in taxable real estate property value in the defined Catalyst Influence Area is 3% or greater; and
• The City of High Point shall report no later than June 30 of each fiscal year how it has spent that fiscal year’s grant amount.
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