Title
Resolution Authorizing Release of a Request for Proposals "RFP" Seeking Industrial Site Development Submissions, From Private Developers, of Sites to be Graded via a City Funded Loan of up to a Maximum of $1,200,000.00
Body
Department: CMO
Council District: Citywide
Public Hearing: March 17, 2015
Advertising Date/By:
Contact 1 and Phone: Jim Westmoreland, Manager - City of Greensboro 373-2002
Contact 2 and Phone: Kathi Dubel 373-4579
PURPOSE:
In order to address a critical lack of large shovel-ready industrial development sites, the Economic Development Committee of the Greensboro City Council has recommended that Council consider requests for an economic development loan(s) of up to a maximum amount of $1,200,000.00 that would be made available to private developers to assist in grading industrial sites.
BACKGROUND:
Council's Economic Development Committee met on March 2, 2015 to discuss economic development strategy and plans. During the meeting, the Committee reviewed the status of various projects associated with the City's Shovel Ready Site loan program Phase I and discussed the merits of the City / Council authorizing funding and an request for proposals (RFP) for a Phase II of the program using a portion of the remaining 2006 Economic Development Bond funds. Based on unanimous Committee direction and support, staff was asked to develop and provide (for full Council consideration) a draft resolution that captured the essence of the phase II proposal and to authorize the City Manger to initiate a Phase II RFP process.
In light of the improving economic conditions in the United States, the City wants to proactively act to increase our shovel-ready industrial site inventory. Our model has been and remains to develop public-private partnerships with private developers where the private sector purchases and develops the land and the City assists in bringing infrastructure to the site. Due to increased underwriting requi...
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