Title
Resolution to Revoke Resolution #322-13 Dated November 12, 2013 and Resolution #301-13 Dated October 15, 2013 to Rescind Approval for a Shovel Ready Sites Loan for Samet Corporation
Body
Department: Executive
Council District: 1
Public Hearing: No public hearing needed
Advertising Date/By:
Contact 1 and Phone: Barbara Harris, Assistant City Manager - City of Greensboro- 373-2002
Contact 2 and Phone: Kathi Dubel, Manager -Economic Development & Business Support - 373-4579
PURPOSE:
Revoke resolutions approving a Shovel Ready Sites Loan of $600,000 to Samet Corporation.
BACKGROUND:
Samet Corporation was awarded a Shovel Ready Sites Loan in the amount of $600,000 in 2013 to assist in grading proposed industrial sites at 2335 Campground Road. The company has made the City aware that they no longer wish to receive an economic development loan from the City. Instead the company is requesting reimbursement of public sewer infrastructure costs to assist in development of the same property.
BUDGET IMPACT:
Revoking the economic development loan will allow the funds to be utilized for other public purposes. The Shovel Ready Sites Loan was funded by the November 2006 voter approved Economic Development Bond, account 454-6001-19.5932.
RECOMMENDATION / ACTION REQUESTED:
It is recommended that City Council approve the request to revoke Resolution #322-13 and Resolution #301-13 to rescind approval for a $600,000.00 economic development loan to Samet Corporation, and to authorize the City Manager or his designee to unencumber the $600,000.00 encumbered for the grant and to utilize the funds for other public purposes.