HIGH POINT, N.C. — Guilford County Commissioners have approved two separate requests for funds for High Point growth projects.
At Monday night’s meetings, county leaders approved the grant of $100,000 to the High Point Equity Project and $7 million for an economic development proposal aimed at getting businesses to develop downtown.
Commissioners voted unanimously on the approve of funds for the High Point Equity Project.
It is a project that, once up and going, will be for minority and woman business owners in the city.
The idea for the project become public in October, as High Point University leaders announced they, along with the city, would try to raise $1 million to help launch the initiative.
The money will be used to give business owners training, from experts in business affairs, on how to run their business, how to take advantage of opportunities, where to find those opportunities, and how to get over disparities they’ve faced in their respective industries.
High Point City Councilman, Cyril Jefferson, of Ward 1, explained this initiative will have lasting effects on the community as a whole.
“We seek to address those disparities in our communities,” he said. “The income-based inequality to that we face. That doesn’t just affect one community. That helps us collectively rise. I think our city has been very adamant about city-wide revitalization. Part of what makes the rising tide to lifeboats is when we’re able to go to those boats that maybe are anchored down, maybe they got leaks in their boats, and we can start to address those issues.”
To find out how to sign up for this project, click here.
The second request was for $7 million for various incentives for businesses to establish themselves in downtown High Point.
The money will be spaced out over 20 years, granting the city $350,000 per year.
Per the request:
- The grant shall be used to support new development in the defined Catalyst Influence Area and shall not be used for debt service on the stadium or any other existing debt;
- During fiscal years 2022 through 2026, the annual grant will only be paid in years where there is an increase in taxable real estate property in the defined Catalyst Influence Area. Thereafter, the annual grant will only be paid in fiscal years where the rolling five-year average increase in taxable real estate property value in the defined Catalyst Influence Area is 3% or greater; and
- The City of High Point shall report no later than June 30 of each fiscal year how it has spent that fiscal year’s grant amount.
City leaders hope this will lead to the creation of 500 new jobs, and an additional tax receive of $1.3 million annually.