Title
Ordinance in the Amount of $75,084.70 Amending the General Fund FY 15/16 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 / Economic Development & Business Support
Council District: 3
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Kathi Dubel, Manager - Economic Development & Business Support - 373-4579
Contact 2 and Phone:
PURPOSE:
To authorize the pass-through payment of a $75,084.70 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 $75,084.70 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. Per the terms of Contract #36460-02/07-167, Park View Development, LLC d/b/a Center Pointe, the Grantee has requested its Residual Economic Incentive Grant Payment. The Agreement indicates that following the 5th Grant Year, if the total tax value is $37 Million or greater, then following the payment of Guilford County property taxes from that year, any residual amount of the grant that has not been paid will be remitted, but only if the threshold of $1 Million cumulative additional tax dollars over 2005 valuation from the building project alone has been paid. This incentive payment represents residual calculated from the incentive by Guilford County unde...
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