Council to spend 2006 Economic Development Bond funds

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Greensboro City Council will hold its first regular meeting of the month on Tuesday, December 7 at 4:30 p.m.

The start time is a bit misleading as city council plans to meet behind closed doors at 4:30 p.m. to discuss an economic development project, and the public portion of the session is scheduled to start at 5:30 p.m. This means that the public portion of the meeting would not start until 5:30 p.m., but could be delayed if the closed session lasts longer than expected.

The first meeting of the month is largely devoted to the once-a-month public forum, but there are also resolutions, a consent agenda, a one-item public hearing, and three general business items.

Public hearing and general affairs all have to do with a delicate issue facing city council. In November 2006, voters in Greensboro adopted $ 10 million in economic development bonds and, according to the agenda, that money must be spent by mid-December 2021.

Thus, the three elements provide city council with a way to spend the $ 3.8 million in economic development funds that are still available after 15 years.

The public hearing is for the granting of $ 700,000 in economic development bond funds to Brittway Investments LLC for the extension of East Elmsley Drive to approximately 800 feet. The total cost of the project is around $ 2 million and “would allow better access to the developable industrial site”, which was recently rezoned to Light Industrial (LI) by The Carroll Companies, owners of this publication.

The $ 700,000 is funds still available out of the $ 1.2 million that city council designated in 2016 “to fund economic development projects in East Greensboro.”

The remaining $ 3.1 million from the 2006 Economic Development Bond funds would be transferred to the Greensboro Water Resources Department to be repaid for industrial projects.


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