Greensboro may create prosperity zones on east side
GREENSBORO, N.C. — Looking to generate new business on the east side of Greensboro, the City’s Economic Development Committee is considering designating certain areas as prosperity zones, and giving businesses that get started there tax breaks.
The committee is currently targeting five areas of land surrounding the White Street Landfill. Each area is north of Wendover Avenue and east of U.S. 29.
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Councilman Jim Kee represents the area and said it would be a strategic move to help the city grow.
“The geographics are based on the availability and cost of land,” Kee said.
District Three Councilman Zack Matheny chairs the committee and said encouraging growth in the area is a smart move because of high unemployment as well.
“We’re trying to create programs to incentivize businesses to locate in Greensboro,” Matheny said. “In this case specifically, it’s areas where unemployment is high and the land cost is low.”
The Economic Development Committee has not yet decided what the tax incentives will be, but Kee said one idea is tax deferment. This would allow businesses to not pay City taxes for a set amount of time as they try to get their footing.
Anything that comes out of the committee will still need the approval of the full city council.