TITLE
Title
PUBLIC HEARING FOR CONSIDERATION OF AN ECONOMIC DEVELOPMENT INCENTIVE GRANT: PROJECT SUPERMAN
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SPONSOR
Sponsor
Marvin Price, Greensboro Chamber of Commerce
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BACKGROUND
Background
Pursuant to NCGS 158-7.1, a public hearing will be held to receive public input on the proposed allocation of funds for an Economic Development Incentive Grant to:
Project Superman in the amount of $196,500. The company is considering leasing or purchasing a new location at 7910 and 7915 Triad Center Drive in Guilford County, for the purpose of manufacturing, in addition to other options within the United States. The Company anticipates creating 131 new jobs in Guilford County by December 31, 2030. The Commissioners will consider a job based economic development incentive in the amount of $1,500 per job. The total projected investment if selected would be $13,500,000.00 in real or personal property.
Guilford County's funding source will be the General Fund with the distributions in accordance with the County's Economic Development Investment Guidelines.
The Board of Commissioners intends to consider awarding an economic development investment grant; if approved, the County will make cash incentive grants pursuant to the County's Economic Development Investment Guidelines. The company is also requesting state and other local incentives before making a location decision. The local approval of incentives does not commit the company to locate in Guilford County; however, the cash grants are contingent upon, among other things, the company's entry into a local economic development agreement with Guilford County containing the obligations and agreements of the company and Guilford County.
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REQUESTED ACTION
Requested Action
Pursuant to NCGS 158-7.1, hold a public hearing and consider approval of an economic development incentive grant to Project Superman in an amount not to exceed $196,500, to be paid over a period of 5 years; The Board finds that th...
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