The High Point City Council last night approved $400,000 in economic incentives for Polo Ralph Lauren to set up shop in a vacated furniture facility. Another $600,000 in electric infrastructure improvements could follow.
The vote was 8-1:
Councilman Mike Pugh was the only vote against the incentives, saying he was philosophically opposed to providing taxpayer dollars to a multibillion dollar corporation. But other council members emphasized that the incentives would be paid back during a three- to four-year period, and after that the city would post a gain on Polo Ralph Lauren’s investment.
Polo Ralph Lauren says 400 new jobs could be created as a result of its expansion.
