Council approves 3-year extension to Samet Corporation economic development agreement

The Burlington City Council approved a resolution amending an economic development grant reimbursement agreement with Samet Corporation to extend a key project milestone by three years.

Adam Scholl, the city's economic development director, presented the request, saying staff supported the amendment that would allow Samet Corporation additional time to meet a milestone tied to infrastructure construction for a medical office park off Grand Oaks Boulevard. Scholl said the project so far has produced one building with a tax-assessed value "a little over $12,300,000," and staff believes the development will catalyze additional taxable business personal property in that area near Alamance Regional Medical Center.

A representative of Samet Corporation (transcript: "Bridal Hall, Sam at Corporation") thanked the council for its support and said the firm values the city's partnership as it continues work on the medical park.

The council moved to adopt the resolution authorizing the amendment to the economic development grant reimbursement agreement dated Aug. 22, 2022, for Grand Oaks 1 LLC/Grand Dutch Professional Park; the motion passed by voice vote.

The amendment extends the agreement milestone timeline; staff indicated approval is intended to allow the developer to recover construction costs and continue planned development. The resolution does not, in the transcript, list revised milestone dates beyond the three-year extension or change the dollar amount of any grant; staff said the extension request was the essential action before the council.