Title
Ordinance in the Amount of $202,799 Amending the General Fund FY 13/14 Budget (Economic Development) for the Appropriation of Funds for the Pass-Through of a Guilford County Economic Development Incentive Grant to Park View Development LLC
Body
Department: Executive
Council District: 3
Public Hearing: n/a
Advertising Date/By: n/a
Contact 1 and Phone: Kathi Dubel, 373-4579
Contact 2 and Phone: Andrew Scott, 373-2028
PURPOSE:
To authorize the pass-through payment of a $202,799 Guilford County economic development incentive grant authorized by Guilford County for payment to Park View Development LLC.
A budget ordinance needs to be approved by City Council to recognize $202,799 of revenue from Guilford County and to increase the Economic Development Incentive Grant fund by a like amount for the purpose of making this pass through payment to the incentive grant recipient.
BACKGROUND:
Guilford County authorized a $1,000,000 economic development incentive for Park View Development LLC on May 11, 2006 and executed an inter local pass-through agreement with the City of Greensboro on February 6, 2007 to designate the City as lead agent and facilitate orderly payment of the County grant in 5 installments. The County did not have an ED program in-place at the time of the grant that would allow them to participate in a project of this nature. Thus, they used our Urban Development Investment Guidelines as the basis for their grant and executed an inter-local agreement with the City whereby they would pay each of their 5 installments to the City and we would pay the recipient. The City is not responsible for determining the annual amount of Guilford County's grant or performing the due diligence required to determine the County amount and that all of their requirements have been met. This incentive grant represents the 4th of 5 installments the County will be making to Park View Development under the incentive grant agreement.
BUDGET IMPAC...
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