County to consider $1.735 million loan and grant to Front Street Capital for Union Cross industrial infrastructure

Community Economic Development Director Kirby Robinson briefed the Forsyth County Board of Commissioners on a proposed $1,735,000 expenditure from the city-county utilities commission’s out-of-county service funds to incentivize Front Street Capital to construct a 300,000-square-foot speculative industrial building in the Union Cross Industrial Center.

Robinson said Front Street is an established local developer that has leveraged a city loan partnership since 2018 to deliver five facilities totaling roughly 1.8 million square feet and $211 million in taxable value. For the new project, staff said Front Street needs a new public road and water and sewer extensions; staff estimated the road at about $520,000 and utilities at about $1,200,000. The proposed financial package is a $1,000,000 0% loan to be repaid in full once the facility is leased and either sold or refinanced, or at five years if neither occurs, plus a $735,000 grant.

Robinson said the property is zoned Limited Industrial and fronts Union Cross between Caterpillar and Glenn High School. The city council was scheduled to consider the item later the same day; if both jurisdictions approve, staff will prepare the necessary agreements.

No formal vote occurred during the briefing; staff recommended the county consider the expenditure on the upcoming agenda and described the loan-and-grant terms, project costs and expected public benefits in job creation and taxable value growth.