Salisbury changes investment grant program
Published on Sunday, May 12, 2024 at 12:10am
- Administrative Services Director Kelly Baker (left) and Downtown Development Director Sada Troutman (right) speak to City Council about changes to Salisbury’s investment grant program. Brad Duntz/Salisbury Post.
SALISBURY — The Salisbury City Council voted at its May 7 meeting to change the city’s investment grant program to align with Rowan County policy.
Downtown Development Director Sada Troutman said the city of Salisbury’s current policy incentives for businesses considering relocating to the area were created in March 2006, and the county plans to provide them in 2023. He said he would change the policy in April. After Rowan Economic Development Council Chairman Rod Crider and Vice Chairman Scott Shelton shared these details and coordinated with city staff at a City Council retreat in January, Salisbury has adopted identical guidelines. chose to take action in the direction.
“These incentive grants are currently being provided in phases based on anticipated investment.” Troutman said.
The main revision to this policy is to the percentage of incentives for eligible projects.
“The percentage is based on the amount of real estate and personal property tax revenue expected to be generated by the project,” according to the City Council meeting minutes.
Salisbury’s current investment grant programs include: Level 1 requires an investment of $5 million, which is 75%, Level 2 requires an investment of $50 million, which is 80%, and Level 3 requires an investment of $100 million, which is a You can up to 85 percent.
The new program has the following stages: Level 1 requires a $5 million investment and gives you 40%. Level 2 requires a $50 million investment and yields 45%. Level 3 requires a $100 million investment and yields 40%. up to 50 percent.
Troutman said city staff plans to bring more “major changes” to the policy to the City Council in the near future, but explained: Move forward and bring business and industry to Salisbury. ”
Mayor Karen Alexander apparently believed these changes were necessary for Salisbury’s overall success.
“We’re just trying to reduce the amount of incentives because we’re all at 80 percent, which is pretty significant and we think we’re a highly desirable community right now. So we’re trying to reduce the incentives these companies receive.” “I think this is a good place to start.”
