The Winston-Salem City Council voted last night to reimburse $6.2 million in property taxes to Wake Forest University and Wexford Technology after they renovate a building in Piedmont Triad Research Park:
Deputy City Manager Derwick Paige said the incentives would come from money paid in property taxes on the building after it is developed. The city would not pay any incentives up front, he said, but would reimburse Wake Forest and Wexford after the first tax bill had been paid.
“The dollars that we’re putting in are new tax dollars, that if the project did not occur, we would not have,” Paige said. “These are new tax dollars that don’t exist today.”
Back in Greensboro, the proposed American Express incentives deal—- —–the richest in Guilford County’s history—- is drawing comparisons to Dell. The land where the data center would be located is owned by high-powered developer Roy Carroll, who offered to donate the tract in hopes of recruiting Dell, while Commissioner Billy Yow says he’ll vote against the package because the Dell deal didn’t turn out so good.
