Title
Resolution to Revoke Resolutions #39-11, #58-12, #331-12, #61-14, #373-15, and #9-16 to Rescind Approval for Economic Development Incentive Grants to Ziehl-Abegg Inc., Piedmont Pharmaceuticals LLC, North State Flexibles, LLC, MWI Veterinary Supply Company, Natty Greene's Brewing Co., LLC, and Tyco Electronics Corporation
Body
Department: Executive
Council District: All
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Barbara Harris, Assistant City Manager - 336-373-2002
Contact 1 and Phone: Kathi Dubel, Economic Development & Business Support Manager - 336-373-4569
PURPOSE:
Revoke the resolutions and rescind approval for incentive grants for Ziehl-Abegg Inc., Piedmont Pharmaceuticals LLC, North State Flexibles, LLC, MWI Veterinary Supply Company, Natty Greene's Brewing Co., LLC, and Tyco Electronics Corporation. The companies have elected not to accept the economic development incentive or the time frame for compliance with the incentive has expired.
Ziehl-Abegg Inc. - Resolution #39-11 adopted February 15, 2011, for Ziehl Abegg Inc., in an amount not to exceed $52,000.00. Existing industry expansion at 719 N Regional Road. The company was awarded a $52,000 jobs-based economic development incentive grant of $1,000 per job for up to 52 new jobs with a salary of $40,077/year that resulted in payment of $3,000 for 3 qualifying jobs. The company invested approximately $2.5 million in building improvements and new machinery & equipment and hired new employees, but salaries did not qualify per the performance requirements and job creation date by December 31, 2015. An incentive grant balance of $49,000.00 remains.
Piedmont Pharmaceuticals LLC - Resolution #58-12 adopted March 6, 2012, for Piedmont Pharmaceuticals LLC, in an amount not to exceed $22,000.00. Existing industry jobs expansion at 204 Muirs Chapel Road. The company was awarded a $22,000 economic development incentive grant of $1,000.00 per job requiring an investment of...
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