City Approves First Job Creation Grant
GREENVILLE, N.C. - One local business is relocating and expanding its headquarters with the assistance of a job creation grant approved by the Greenville City Council.
Taft Family Ventures, which is redeveloping property on Dickinson Avenue, was approved for the City's first job creation grant at the April 11 City Council meeting. The grant, totaling $69,560, will be distributed through a seven-year grant period and have a net-neutral impact on the City budget due to the offset in property taxes.
Job Creation Grant funding is based on an increase in property tax generated from the applicant's investment, with up to 75 percent of the increase being returned to the business as an incentive. Taft Family Ventures is the first business to receive a Job Creation Grant from the City, which added the program to its budget for the current fiscal year.
Greenville's Job Creation Grants include three options. The first option is a full-time job creation option, designated for companies making at least a $500,000 investment and adding at least 25 full-time employees. It applies to companies locating or expanding in the City limits or in the extra territorial jurisdiction (ETJ), and it has a maximum installment of $100,000.
A second option is the property tax investment and full-time job creation grant designated for companies making at least a $500,000 investment and hiring at least 50 full-time employees. It is based on a 50-75 percent increase in property tax with a maximum installment of $150,000, and it applies only to companies locating or expanding in the City limits.
The last option, the economic development investment (EDI) zone option is designated for companies making at least a $300,000 investment and hiring at least 15 new full-time employees within specifically prioritized zones of the city. The zones are designated revitalization areas, growing areas of the city, and gateways into the community. Seven zones are designated now, including the airport, center city, Dickinson Avenue, East Tenth Street, medical and west Greenville zones.
For more information about the Job Creation Grant, contact the City's Office of Economic Development at (252) 329-4502.