High Point continues its economic development with two new projects

High Point continues its economic development with two new projects

The city of High Point lost much of its economic dynamism decades ago when large parts of the furniture and textile industries moved out of the country. However, over the past two decades, the city has had extraordinary success in attracting companies and expanding those already based there.

This success story will now continue with two more projects that will either open or expand a store in High Point.

All that remains is the formality of a public hearing at the High Point City Council meeting on Monday, July 15. After that, the City Council will award economic incentives to the companies.

The High Point City Council has announced that there will be not one, but two public hearings at the July 15 council meeting, which begins at 5:30 p.m. in the Council Chambers of the High Point Municipal Building.

The purpose of the hearing is to get input from the public on an incentive funding request from the city, but once a deal reaches this point in the process, it’s essentially a done deal.

An unnamed company plans to locate and expand at 2103 Brentwood Street in High Point and invest $6.3 million in “new real estate and equipment assets.”

The project is expected to create 108 new jobs after the High Point City Council approved $100,000 in incentives.

The money for the incentives will come from the city’s economic development fund, which is funded by general revenues and revenues from the electricity business.

But that’s not the only business growth that will be encouraged by the city’s July 15 incentives.

The council will also hear public input on a funding request from another company that proposes to locate and expand at 1806 Wade Place in High Point.

The company, which has also not been named, will invest $700,000 in new real estate and tangible property for its project, which is expected to bring 66 new jobs to High Point.

In this case, the High Point City Council will award incentives totaling $37,126. The funding source for this incentive package will also be the Economic Development Incentive Fund.

High Point will provide the money after the companies’ investments in real estate and tangible property are made. The agreement between the city and the companies receiving incentive packages includes benchmarks and a payment schedule.

While these projects are not as large as the regional successes of the Toyota Battery Plant or Boom Supersonic, these and similar mid-sized expansions – and the new job creation they will bring – play an important role in High Point’s economic development strategy.