Title
Resolution to Revoke Resolution 221-13 Dated August 5, 2013, to Rescind Approval for an Economic Development Incentive Grant to Gerbings, LLC
Body
Department: Executive
Council District: 3
Public Hearing: No
Advertising Date/By: N/A
Contact 1 and Phone: Andy Scott, Assistant City Manager, 373-2028
Contact 2 and Phone: Terri Jones, 373-2320
PURPOSE:
To revoke Council Resolution 221-13, which on August 5, 2013 approved an economic development incentive grant reimbursement and participatory agreement between the City and Gerbings, LLC.
BACKGROUND:
Gerbings, LLC, a wearable technology apparel manufacturer located in Stoneville, North Carolina that specializes in heated high-tech clothing was considering Greensboro as a possible location for its corporate headquarters. The company had planned to create 25 jobs over a three-year period in marketing, design, sales, and engineering. On August 5, 2013, the City Council approved a resolution authorizing an economic development incentive grant not to exceed $150,000.00. Representatives of Gerbings, LLC have informed the City that the company wishes to withdraw its request for an economic development incentive. By rescinding the incentive grant, the City may utilize the funds for other economic development projects or public purposes.
BUDGET IMPACT:
$150,000.00 will be unencumbered, returned to the Economic Development Fund (Fund 208), and available for other public purposes.
RECOMMENDATION / ACTION REQUESTED:
It is recommended that City Council revoke Resolution 221-13 so that the economic development incentive funds can be unencumbered and allocated to other economic development projects.