Guilford County
Share to Facebook Share to Twitter Bookmark and Share
File #: 2022-144    Version: 1 Name:
Type: Public Hearing Status: Passed
File created: 1/25/2022 In control: Board of Commissioners
On agenda: 1/26/2022 Final action: 1/26/2022
Title: PUBLIC HEARING ON ECONOMIC DEVELOPMENT INCENTIVE REQUEST
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.

TITLE

Title

PUBLIC HEARING ON ECONOMIC DEVELOPMENT INCENTIVE REQUEST

end

 

SPONSOR

Sponsor

Brent Christensen, Greensboro Chamber of Commerce

end

 

BACKGROUND

Background

Pursuant to N.C. General Statute 158-7.1, the Guilford County Board of Commissioners is requested to hold a public hearing to receive public input on the proposed allocation of funds for an economic development incentive grant to a manufacturing company proposing to invest up to $500 million in personal property expenditures and real property improvements in the Greensboro area, along with the creation of approximately 1,761 jobs.  The Board will consider authorizing an incentive for 80% of eligible tax revenue paid by the company for an agreed upon period of ten (10) years.  If approved, the County would be authorized to provide this financial assistance pursuant to an incentive performance agreement containing benchmarks and a payment schedule.

end

 

REQUESTED ACTION

Requested Action

Pursuant to N.C. General Statute 158-7.1, conduct a public hearing and approve an economic development incentive for 80% of eligible tax revenue paid by the company for an agreed upon period of ten (10) years, not to exceed $12,100,002 to Boom Technology Inc., a manufacturing company, proposing to invest up to $500 million in personal property expenditures and real property improvements in the Greensboro area, along with the creation of approximately 1,761 jobs above the county median wage; determine that the incentive will stimulate the local economy, promote business, increase tax base, and result in the creation of a substantial number of jobs that pay at or above the county median wage; and, upon approval, authorize staff to take all necessary actions to enter into the incentive agreement, such agreement to be consistent with this approval and N.C.G.S. 158-7.1 (h) and to contain benchmarks and a payment schedule.

end