The Randolph County Board of Commissioners has scheduled a public hearing to consider economic incentives and the transfer of land for the Greensboro-Randolph Megasite to an unnamed company at a public hearing at a special meeting on Monday, Dec. 6 at 9 a.m.
According to the public notice, the economic incentive being considered is equal to “sixty percent (60%) of the real and personal general county-wide property taxes paid to the County by the Company.” The county would also waive county permitting fees for the project.
In order to qualify for these economic incentives “the Company must create at least one-thousand seven hundred and fifty (1,750) new full time jobs and invest at least one billion dollars ($1,000,000,000.00) in real and personal property at the Facility located with the County.”
This is similar to the language found in the state budget which allocated $320 million in economic incentives for a proposed economic development project at the Greensboro-Randolph Megasite.
The public notice also states that if the company announces its intention to expand into Phase 2 of the project within three years the annual payments will increase to 70 percent of the property taxes. To qualify for that incentive Phase 2 would have to increase the total number of full-time jobs created to 3,875 and increase the total capital investment to $3 billion.
The public notice also states, “the County intends to consider transferring ownership of all or a portion of the properties a) currently owned by the County, as well as b) properties currently owned by the Greensboro-Randolph Megasite Foundation (the Foundation) and planned to be transferred to the County, to the Company.”
According to the public notice, Randoph County estimates the total amount of property to be transferred to the company would be 626.45 acres at a value of $21.8 million.
The Greensboro City Council has also scheduled a special meeting on Monday, Dec. 6 at 10 a.m. to discuss an unnamed economic development project in closed session.