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Commissioners approve second-year small-business incentive grant for SRI 3 LLC (Broadband Capgrano)
Summary
The board approved a second grant year for SRI 3 LLC, doing business as Broadband Capgrano, after staff said the company made a qualifying net-new investment and met grant criteria; the maximum grant amount for the year was listed at $2,850.
Cleveland County commissioners approved a second-year small-business incentive grant for SRI 3 LLC (doing business as Broadband Capgrano) after staff said the business met program criteria.
Sherry Lavender presented the application and told the board the company made a qualifying net-new investment of just over $1,000,000, which made it eligible for the program’s maximum amount for year two. Lavender said the county’s incentive equals up to 50% of taxes paid on the new taxable investment and that the amount for this year is $2,850. “They had an additional investment of just over $1,000,000 so they're eligible for that maximum amount… That amount is $2,850,” Lavender said.
County procedure requires that the business pay the taxes and receive the incentive as a grant on the back end; Lavender explained the grant is paid after taxes are remitted. No members of the public signed up for the public hearing on this item. A commissioner moved to approve the grant and the board voted to adopt the staff recommendation; the motion carried without recorded dissents in open session.
The approval authorizes county staff to process the year-two grant payment to SRI 3 LLC in accordance with program rules and to record the incentive in county financial records.
