Title
Resolution Authorizing an Economic Development Incentive to Centric Brands, Inc. in an Amount Not Exceeding $426,000
Body
Department: Executive
Council District: 2
Public Hearing: March 15, 2019
Advertising Date/By: March 1, 2019
Contact 1 and Phone: David Parrish, 373-2002
Contact 2 and Phone: Barbara Harris, 373-2002
PURPOSE:
The City of Greensboro has been requested to consider an economic development incentive grant in an amount not to exceed $426,000, or $2,000 per new job, for Centric Brands, Inc. The grant is for the purposes of real property improvements, purchasing new equipment, and creating jobs.
BACKGROUND:
Centric Brands, Inc. is evaluating an investment in real property and new equipment for a design and operations center to support the assets it acquired in October 2018 in the acquisition of a significant portion of Global Brands Group Holding Limited's North American licensing business. The acquired business is anchored in category expertise spanning kids' wear and women's and men's accessories and apparel. The proposed location in downtown Greensboro is 620 S. Elm Street which is currently owned by ZCDF LLC. The company is also considering other locations in Los Angeles, New York City and Asia for its new office operations. The new investment will consist of approximately $1,000,000 in real property improvements and $1,000,000 in equipment and creating up to 213 new jobs. The new jobs that are being created will have an average salary of $54,014 and additional benefits. The project is expected to generate public benefit to the City of Greensboro by positively impacting the sale tax revenues in addition to increasing business prospects for the City and surrounding area.
The City, Centric Brands, Inc., and ZCDF LLC (Andy Zimmerman) are also applying for a Building Reuse Grant from the North Carolina Department of Commerce to support the renovation and up-fit of the building at 620 S. Elm Street in downtown Greens...
Click here for full text