Two economic incentive packages were unanimously approved by the Greensboro City Council at the Wednesday, Nov. 18 meeting.
The two economic incentives are slated to result in private investment of over $33 million and 138 new jobs to Greensboro.
After a brief presentation, and with no discussion, the City Council unanimously approved an economic incentive of $160,000 for RPM Wood Finishes Group Inc, “for the purposes of making real property improvements, purchasing new equipment and creating jobs.”
According to the information provided to the City Council, RPM is considering creating research and development space at 7625 Thorndike Road. RPM plans to invest $19.5 million in the facility and create 53 new jobs with an average wage of over $75,000.
Also after a brief presentation and with no discussion the City Council unanimously approved an economic incentive of $126,000 for TAT Piedmont, a subsidiary of TAT Technologies Ltd., which is a maintenance, repair and overhaul company that specializes in auxiliary power units, landing gear and machining, plating and grinding services.
TAT Piedmont currently employs 115 people at 7102 Cessna Dr. and the proposed $13.8 million expansion will create 85 new jobs over the next four years at an average wage of over $51,000 per year.
In both cases the economic incentives would be paid in installments after the new jobs are created and the investment is confirmed.
The incentives also require that the expansions are subject to Greensboro’s Minority/Women Business Enterprise program as it applies to economic development subcontracting goals.
After each vote Mayor Nancy Vaughan thanked the companies for investing in Greensboro.
Economic incentives are first discussed in closed session and once the details are worked out the City Council is required to hold a public hearing on what has already been decided and take a public vote. Since the agreement has already been reached in closed session, it is not unusual for there not to be much public discussion at the public hearing except when there is opposition to granting an economic incentive.