The Guilford County Board of Commissioners met in closed session on Thursday, August 5, and – though they didn’t take any action right after that meeting – it’s now clear that there were very happy discussions about two exciting new projects that are coming to Guilford County.
On Monday, Aug.9, the county set not one but two public hearings for economic incentives requests – one for Proctor & Gamble and one for Banknote Corp. of America.
Proctor & Gamble plans to construct a new manufacturing facility in the county that’s expected to generate approximately $110 million in capital investment and bring 46 new full-time jobs.
Banknote Corporation of America is also expected to construct a new manufacturing facility that will generate roughly $34 million in capital investment and create 25 new full-time jobs.
This is great news for the county because, whenever talks get to this stage in the process, it means that it’s a virtual certainty the businesses will follow through with the projects. Public hearings for Guilford County government for economic incentives are not set until there’s already a great deal of agreement on both sides.
On Thursday, Aug. 19, the Board of Commissioners will hold the hearings in the commissioners’ meeting room on the second floor of the Old Guilford County Courthouse at 301 W. Market Street in downtown Greensboro.
Procter & Gamble Manufacturing Company is seeking just over $2 million from the county, while Banknote Corp. is seeking just under $482,000.
The announcement for both hearings stated that Guilford County is one option for the companies – but that’s just how the game is played. In order for the economic incentives to be legally and politically viable, the companies must maintain that the county is still competing with at least one other city, town or county for the project. However, at this point in the process they are essentially done deals.