It’s not the reason that Boom Technology Inc. chose to bring its $500 million “super factory” to Guilford County.
However, just hours before the jet maker made that announcement, the Guilford County Board of Commissioners did unanimously vote to sweeten the pot for the company that appreciates a wide range of things about this area.
At a virtual early morning meeting on Wednesday, Jan. 26, the board voted quickly to approve an economic development incentive for “80 percent of eligible tax revenue paid by the company for a period of ten years.”
That’s in addition to other incentives from the City of Greensboro and the State of North Carolina.
The value of the county’s incentive is capped at $12.1 million – still a nice chunk of change – due to the company’s plan to “invest up to $500 million in personal property expenditures and real property improvements in the Greensboro area, along with the creation of approximately 1,761 jobs above the county median wage.”
The commissioners determined that the company qualified for incentives since it will “stimulate the local economy, promote business, increase [the] tax base, and result in the creation of a substantial number of jobs that pay at or above the county median wage.”
It has been years and years since the Guilford County Board of Commissioners met an incentives proposal the commissioners didn’t like. A decade and a half ago, incentives packages were always debated hotly by the board. However, since then, Republican and Democratic commissioners alike have almost always all approved the payouts.
The motion approved at the Jan. 26 morning meeting authorizes county staff to take any necessary actions to enter into the agreement.
Due to a 2022 revaluation of all property across Guilford County, almost all county taxpayers will see their tax bills go up. However, if you invest $500 million in a factory making ultra-cool jets, the county will likely give you a break too.