TITLE
Title
APPROVAL OF UPDATED ECONOMIC DEVELOPMENT INCENTIVE GRANT REGULATION
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SPONSOR
Sponsor
Heather Schaffer, Economic Development Manager
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BACKGROUND
Background
Guilford County’s Economic Development Incentive Grant Regulation provides the policy framework for evaluating and administering requests for County financial participation in eligible economic development projects. This regulation is designed to support initiatives that align with the County’s strategic plan and economic development priorities, strengthen the local tax base, encourage the creation and retention of high-quality jobs and capital investment, and ensure a consistent and transparent process for reviewing incentive requests.
Staff have reviewed the existing guidelines, identified areas for improvement, and previously presented proposed updates during a Board of County Commissioners work session on August 6, 2026. The revisions reflect input from the Board of County Commissioners and economic development partner organizations, clarify and modernize eligibility criteria, strengthen project performance requirements, and update the processes related to approval, contracting, monitoring, payment, and claw back provisions for incentive grants. The updates also reinforce the expectation that County-supported projects deliver measurable public benefit and include appropriate accountability for the use of public funds.
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BUDGET IMPACT
Budget Impact
NO ADDITIONAL COUNTY FUNDS
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REQUESTED ACTION
Requested Action
Approve and adopt the updated Economic Development Incentive Grant Regulation.
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