HIGH POINT — High Point economic development officials are proposing to bring back an incentives policy that’s credited with fostering growth in the downtown area.
The City Council next week will consider adopting a modified version of the policy, which initially took effect in 2020 but expired last summer.
It would have some slight adjustments but would be structured the same way, making cash rental assistance grants available for office, retail or restaurant, new construction, or renovation projects within a targeted area.
“We want to continue to encourage locations in our downtown municipal service district,” Sandy Dunbeck, director of the High Point Economic Development Corp., told the City Council Finance Committee on Thursday. “The work that has been done thus far certainly has encouraged large amounts of investments and job creation, and we want to continue that work.”
The previous policy helped draw insurance company Key Risk as the anchor tenant for a new food hall and office building beside Truist Point stadium with a $1.17 million incentives offer.
The company plans to relocate its 81 employees from Greensboro to 275 N. Elm St. in March.
The other project that made use of the policy was RUD Fleet Corp., a transportation company that was authorized for up to $320,000 to move its corporate offices to 209 N. Main St., where it plans to create 20 jobs.
The incentives under the new policy would once again be in the form of rental assistance, although the levels are slightly lower.
Dunbeck is also asking council to approve a modification to the office and industrial incentives policy that would authorize building upfit grants of up to $75,000 for office/industrial or commercial buildings undergoing significant improvements.
The previous policy offered up to $50,000 and applied only to the targeted downtown area. The higher amount would apply citywide.
“A building upfit grant is something that we felt could encourage people to do more projects in some of our older buildings that might need updates,” Dunbeck said.
email@example.com | 336-888-3531