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cityboi

major financial service company and

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WFMY News 2 just reported that the city of Greensboro is preparing an incentive package for a major company interested in Greensboro. The company would add 1,000 jobs in Greensboro and rumors are that its a financial service company. Could this be a bank or a major insurance company? No word on wether this mystery company is looking to relocate its headqaurters to Greensboro or just expanding its operations into Greensboro. The mayor didnt let on the identity of this company but it must be a big deal the way he was talking. It must be a big deal for the identity of the company to be secret. It almost sounds like this could even be a fortune 500 company. Currently, Jefferson-Pilot Financial is the only fortune 500 company thats a financial institution headqaurterd in Greensboro. JP is the nation's 12th largest life insurance company. If this is a bank or insurance company coming to Greensboro, this could mean the demand for an office tower downtown. We'll find out in the coming days or weeks the identity of this company. City Council said this will really be big news for Greensboro and they ask for the city to keep their fingers crossed. :D

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City Council Special Meeting Means Possible New Jobs to the City

Web Producer: Todd Lotz

Modified: 1/13/2004 11:05:00 PM Send this story to a friend

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Greensboro

Greensboro City Council held a special meeting Tuesday night to discuss a move sources say could bring 1-thousand jobs to the city.

Council members are being very tight lipped about the details but sources close to WFMY News 2 tell us it's a financial services company that's showing interest in the area.

And council members felt the need to move quickly.

Greensboro Mayor Keith Holliday said "Timing...it was just a simple issue of timing. It just couldn't wait until next Tuesday night."

Mayor Holliday says part of the reason they aren't saying much is because the company wants to remain anonymous.

But he says they'll be able to release more information in the next few weeks.

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Council quiet on new deal for city

1-14-04

By MARK BINKER, Staff Writer

News & Record

GREENSBORO -- Council members said little Tuesday night after discussing in private a deal that could put thousands of taxpayer dollars in the coffers of a private company.

The council met behind closed doors for about 45 minutes beginning shortly after 6 p.m. with members of the city staff and officials from the Guilford Economic Development Partnership, a city-supported but private job recruitment agency.

"All I can tell you is that we've looked at an incentives package for some potential new jobs in Greensboro," said Mayor Keith Holliday. Holliday and other council members refused to discuss even basic details such as how many jobs might be created and how much money the company had requested.

North Carolina law allows, but does not require, council members to keep discussions and details about "matters relating to the location or expansions of industries" confidential.

Holliday arranged the meeting Friday, calling the council together as soon as legally possible a week before their next scheduled meeting. He said Monday there were "timing issues" involved, and the company required a fast response from the city.

When asked about the timing issues tonight, Holliday said again that the company requested a fast response and the council had given an answer. That action will not become official until a public hearing is held and a vote is taken during an open session.

City officials speculated Monday that Tuesday's meeting would allow the council to act during a scheduled meeting on Jan. 20 if they wanted to. But council members leaving the meeting, including the mayor, said a Jan. 20 vote was unlikely.

"I don't know what the rush was either," said council member Sandy Carmany. "It wasn't really explained."

She, like other council members, refused to comment on how much money the city could be asked to spend and would say only the deal could bring "significant numbers" of new jobs to Greensboro.

"It's exciting, I will say that," said council member Don Vaughan as he left Tuesday's meeting a few minutes before the other council members.

Council member Claudette Burroughs-White did not attend Tuesday's meeting.

Greensboro policy allows the council to give economic development incentives to companies that boost the city's workforce and add to the city's property tax base by building or refurbishing buildings or by adding equipment. Incentives typically are structured as reimbursements of local property taxes.

This year, the council authorized two sets of incentive payments: a relatively small $27,000 package for Sherwin Williams and a package of more than $300,000 for chip-maker RF Micro Devices.

City policy requires companies to demonstrate that they have created the jobs and fulfilled other promises before they can cash in on the payments.

The larger the investment and the more jobs a company brings, the bigger the potential incentives package.

Companies can also solicit incentives from the county and state government at the same time they ask for money from the city.

__________________

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I am glad Greensboro is pursuing new investments to the city agressively. That is the ONLY way to survive during hard times and I am sure Greensboro doesn't want to be left out. Hopefully, a new tower will be built to host that company and its 1000 employees. Great news, one way of another.

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Yea, they really havent given us enough information to say if this is a done deal or not but what every the company's identity is, Greensboro seems to be the only city they are pursuing in North Carolina. I haven't heard anything in the local media of other major NC cities about putingt together incentives for a mystery financial services company. If this is a headqaurters coming to Greensboro, 1,000 employees is definately enough to build an office tower. I think the Jefferson-Pilot headqaurters building downtown has about 1,000 employees so this company could be a large as JP. Jefferson-Pilot could have some local competition much like the rivalry in Charlotte with Wachovia and Bank of America. Even though JP has 20-floors, it has the eqivalent office space of a 37-story building. JP is the 12th largest life insurance company in the nation and is one of Greensboro's fortune 500 companies. This mystery company sounds more like an insurance company than a bank. There is a chance though that this company may not be relocating its headqaurters to Greensboro but instead expanding into Greensboro.

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I wish I knew! No details were really given because the company wants to remain anonymous. but the city acted really quick on this opportunity. Lets hope that this happens.

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