TITLE
Title
PUBLIC HEARING FOR CONSIDERATION OF AN ECONOMIC DEVELOPMENT INCENTIVE GRANT
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SPONSOR
Sponsor
Marvin Price, Greensboro Chamber of Commerce
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BACKGROUND
Background
Pursuant to N.C.G.S. 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 McKinley, in the amount of $1,164,760. 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 an expansion at the Rock Creek Industrial Park facility in Unincorporated Guilford County in addition to other options within the United States for a projected investment of $77,048,078 in personal property and the creation of 420 new jobs by December 31, 2027.
The Board of County Commissioners intends to consider entering into a contract; 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 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.
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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 Project McKinley in the amount of $1,164,760; and upon approval, authorize staff to execute grant agreements, in accordance with terms and conditions of the proposal, consistent with the County's economic development incentive policy and s...
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