Title
Public Hearing for a Resolution Authorizing an Urban Development Investment Grant not to Exceed $80,000 to Double G Properties, LLC
Body
Council Priority: Create an Environment to Promote Economic Development Opportunities and Job Creation
Department: Planning
Council District: 2
Public Hearing: July 2, 2020
Advertising Date/By: June 23, 2020/Clerk
Contact 1 and Phone: David Parrish, 373-2002
Contact 2 and Phone: Kimberly Sowell, 373-7753
PURPOSE:
The City of Greensboro has been requested to consider an Urban Development Investment Grant in the amount of $80,000 by Double G Properties, LLC for the redevelopment of 531 and 535 South Elm Street in downtown Greensboro with a total investment of $3,686,918 and the creation of at least 20 new full-time and 35 part-time equivalent jobs by the tenant.
BACKGROUND:
Double G Properties, LLC, has requested assistance from the City of Greensboro in its redevelopment of the two blighted and underutilized properties located at 531 and 535 South Elm Street for conversion into a new upscale six-lane bowling center with a restaurant and outdoor patio. The properties are located in the Northeast corner of the intersection of South Elm Street and Lewis Street in the Downtown Reinvestment Area of District 2.
The developer has invested $1,200,000 in the purchase of the properties and $2,326,918 in their upfit for a total current investment of $3,526,918 in the project. The business utilizing the space will employ 20 full-time employees with an average wage of $36,330 and 35 part-time employees.
Specifically the developer is requesting an Urban Development Investment Grant of $80,000 that would be used for enhancements to the patio space at 535 South Elm Street to include pavers, lights, trees, and a water fountain. The attachments show the patio space with and without the enhancements.
The project is expected to generate public benefit to the City of Greensboro by positively impacting the property and sales tax r...
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