Board mulls grant for shopping center

Mar 3, 2010 — High Point Enterprise

David Nivens

Mar. 3, 2010 (McClatchy-Tribune Regional News delivered by Newstex) -- GUILFORD COUNTY -- County officials will consider Thursday a business incentive grant under a new program approved last year.

The Guilford County Board of Commissioners will hold a public hearing during a 5:30 p.m. meeting at the Old Courthouse in Greensboro to consider a three-year $124,000 incentive linked to a $5.6 million investment in a new Greensboro shopping center.

Republican Commissioner Steve Arnold of High Point sponsored the program last year to help small businesses that could not qualify for job-creation incentives offered to large businesses. He also lobbied commissioners to approve $1.3 million for the program. Commissioners approved the program Oct. 1, 2009 on a 8-3 vote following some legal wrangling to avoid the appearance of tax rebates, which are illegal in North Carolina.

Most local governments offer land, roads, utility connections and other infrastructure support as economic development incentives, but few offer small businesses incentives assistance.

While the county's industrial incentives plan is aimed at job creation, the small business incentive plan offers a break based on a percentage formula linked to the improved tax base increase over three years. The shopping center renovation would create 164 jobs full-time jobs, according to the request.

Business owners must invest a minimum of $10,000 for real property improvements to receive grants over three years. Granite Church Street LLC has land valued at $1.7 million, according to county records. The new shopping center at 5820-28 Church Street would include a 42,000-square-foot Lowes Food grocery. The investment grant for each of the three years is estimated at 0.7 percent of the actual increase in county property tax base over the amount of the property tax base prior to the improvements.

dnivens@hpe.com -- 888-3626

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