The Winston-Salem City Council voted unanimously to give $430,000 to Piedmont Triad Research Park for renovation of a former tobacco power factory plant:
The $430,000 in assistance comes from a $200,000 grant, a $161,000 loan and a $69,000 additional incentive that the park receives because it is a nonprofit. The city intends to use money from a grant from the federal Environmental Protection Agency. The city won the grant in 2000, and must use the money by the end of this year.
The city intends to lend the money to the park with no interest. The park’s payments to the city would be deferred for 10 years, and would begin in 2020, when park officials would pay the city $16,100 each year for 10 years.
The city has already agreed to reimburse PTRP $6.2 million in property taxes over 20 years. Take the previous post into consideration and interpret for yourselves, dear readers.
