The City of Greensboro has released the conditions for the $1.7 million economic incentive package being considered for Syngenta.
The Greensboro City Council is holding a special meeting on Thursday, Jan. 16 at 4 p.m. in the Council Chamber to hold a public hearing on the Syngenta economic incentive request and to make a decision on granting that incentive.
Some people mistakenly believe that when the city grants a company an economic incentive, the city writes a check to the company for the full amount, but that’s not how it works.
Economic incentives are based on performance measures and are paid out over time if the performance measures are met. Even if the City Council approves the incentive, for Syngenta to receive the money it will have to invest at least $68 million before Dec. 31, 2023, in renovation of its current facility made up of 17 buildings on 70 acres or build a new facility in an economic impact zone.
Syngenta also has to retain 650 jobs with an average annual salary of $107,000. So if Syngenta does not spend $68 million on its facility or does not retain the jobs, it would not qualify for the incentives.
The requirements do state that the $68 million facility has to be spent in an economic impact zone. The designated economic impact zones include what is commonly referred to as East Greensboro, including the land to the east of US 29 as far north as Bryan Park. It also includes the area along I-40 as far west as Patterson Avenue and south along I-85 past Holden Road.
Syngenta also agrees to comply with “the City’s Minority/Women Business Enterprise Program Plan as it applies to Economic Development Project M/WBE Subcontracting Goals.”
The payments will be made over a 10 year period after Syngenta has invested the $68 million in facilities and the payments basically will reimburse Syngenta for more than 50 percent of the property taxes that it will have paid over that 10 year period.