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Council approves emergency clause for CRA deal to incentivize $2.1 million investment by GHS Leasing
Summary
The Greenville City Council adopted an emergency Community Reinvestment Area (CRA) agreement with GHS Leasing LLC that phases in tax exemptions to encourage an estimated $2,125,000 investment and a commitment to one new job; council members said oversight provisions allow revocation if commitments are unmet.
Greenville City Council members voted to adopt an emergency Community Reinvestment Area (CRA) agreement with GHS Leasing LLC on Dec. 16, directing the city to enter a tax-incentive arrangement intended to spur private investment in the Greenville CRA area.
Law Director Regan told council the proposed CRA would allow the city to collect a reduced share of taxes on improvements during an initial period so a developer will "have the upfront cost to get the project established" while lowering early operating costs. "He's…
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