High Point is starting 2019 on the right economic development foot.
A small unnoticed newspaper ad buried in the classified section of the High Point Enterprisepoints to a big expansion for an unnamed High Point company. While the company hasn’t been named, and High Point officials won’t say, an address that accompanied the public notice – 1300 Prospect St. – lets the cat out of the bag: That’s the location of Future Foam, the company planning the $8.5 million expansion.
Future Foam manufactures foam cushioning and related products used in upholstered furniture, packaging, seating and many other items. The foam company, which has locations across the country, is seeking incentives from the city to help fund the expansion. That’s a request the city will almost certainly approve.
In order to grant incentives, the city, by law, must hold a public hearing and provide public notice of that meeting. According to the notice posted by the city, on Monday, Jan. 7, the High Point City Council will hold a public hearing “for the purpose of receiving a funding request from a company considering expansion.”
The ad also stated that the proposal calls for the company to invest $8.5 million in building expansion and additional equipment.
The High Point City Council will consider authorizing $162,000 in incentives to aid the expansion that’s expected to add 25 new jobs.
The $162,000 is likely to come from the city’s Economic Development Incentive Fund. The money from that fund is generated in part by the city’s sale of electric power.
The expansion is planned for Prospect Street in south High Point, which is in an older industrial area where the city has been seeking to increase economic vitality.