Title
Ordinance in the Amount of $500,000 Amending the General Capital Improvements Fund
Body
Council Priority: Create and Environment to Promote Economic Development Opportunities and Job Creation
Department: Budget & Evaluation
Council District: 1
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: David Parrish, 373-2202
Contact 2 and Phone: Kimberly Sowell, 373-7753
PURPOSE:
The purpose of this item is for Council to adopt an ordinance amending the General Capital Improvements Fund for a Big Box Revitalization Loan.
BACKGROUND:
On June 16, 2020 City Council approved a resolution supporting a Big Box Revitalization Loan in the amount of $500,000 for S & S Capital LLC for the revitalization of a long-term vacant big box shell (Piggly Wiggly) in east Greensboro. The agreement includes the investment of at least $1,665,000 by the developer S & S Capital LLC and the creation of at least 17 new full-time equivalent jobs (by Lessee).
BUDGET IMPACT:
The ordinance is to move the previously appropriated loan amount of $500,000 from the Economic Development Bond Fund to the General Capital Improvements Fund. No General Fund appropriations will be necessary.
RECOMMENDATION / ACTION REQUESTED:
It is recommended that City Council adopt the attached budget ordinance establishing funding in the amount of $500,000 for support of a Big Box Revitalization Loan and related budget adjustments.