Title
Resolution Authorizing a Reimbursement Grant in an Amount Not to Exceed $1,549,647.00 to Samet Corporation for Public Sewer Infrastructure Improvements for a Site Located at 2335 Campground Road
Body
Council Priority: Create an Environment to Promote Economic Development Opportunities and Job Creation
Department: Executive
Council District: 1
Public Hearing: August 20, 2019
Advertising Date/By: August 8, 2019
Contact 1: David Parrish, 336-373-2002
Contact 2: Kimberly Sowell, 336-373-2002
PURPOSE:
The City of Greensboro has been requested to increase a previously approved economic development reimbursable grant for the Samet Corporation for the reimbursement of public sewer infrastructure improvements to facilitate the industrial development of sites located at 2335 Campground Road. The grant is for the purpose of creating jobs and bringing new industrial development opportunities to east Greensboro.
BACKGROUND:
Samet Corporation has been working toward industrial development of property located at 2335 Campground Road, an ideally located, highly visible, 38 acre industrial development site, located inside of the urban loop, at the southern intersection of Business 85, Interstate 85, Interstate 73 and less than a mile from US 220. The company has prepared this site for construction of a 120,000 square foot speculative building to attract a distribution/manufacturing company, with an anticipated cost of approximately $8 million, with completion by year-end 2019. The site will support another 100,000 square foot building. The company will invest approximately $13 million in developing the site and construction of two buildings.
Samet Corporation will make the public sewer improvements and be reimbursed by the City in accordance with ?2-91, Infrastructure Reimbursement Agreements, of the City's Code of Ordinances which includes compliance with the City's M/WBE Program for design and construction of water and sewer infrastructure. Reimbursem...
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