TITLE
Title
PUBLIC HEARING FOR CONSIDERATION OF AN ECONOMIC DEVELOPMENT INCENTIVE GRANT (PROJECT TITAN)
end
SPONSOR
Sponsor
Marvin Price, Greensboro Chamber of Commerce
end
BACKGROUND
Background
Pursuant to N.C.G.S. 158-7.1, a duly noticed public hearing will be held to receive public input on the proposed allocation of funds for Economic Development Incentive Grant to:
ADUSA Distribution, LLC and ADUSA Transportation, LLC, (collectively, “ADUSA D&T”) formerly known as Project Titan, in the amount of $17,943,826. If approved, the County will fund the payments with available revenues in the County’s General Fund. The Board of County Commissioners believes this project will stimulate and stabilize the local economy and result in the creation of substantial number of new jobs in the county. The company is considering a new project at the Rock Creek area in Guilford County in addition to other options within the United States for a projected investment of $860,000,000 in real or personal property and the creation of 505 new jobs by December 31, 2033.
If approved, the board of County Commissioners intends to consider entering into a contract; and 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 North Carolina; 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.
end
REQUESTED ACTION
Requested Action
Pursuant to N.C.G.S. 158-7.1, hold a public hearing and consider approval of an economic development incentive grant to ADUSA Distribution, LLC and ADUSA Transportation, LLC, (collectively, “ADUSA D&T”) in the amount of $17,943,826; and upon approval,...
Click here for full text