Saturday, July 1, 2017

What The City Isn't Telling You About The Core Technology Molding Expansion

On June 29, 2017, the City of Greensboro issued a press release entitled, City Welcomes New Tenant to Gateway University Research Park. In it Carla Banks wrote:

"The City of Greensboro is supporting the project with a $1.2 million commitment. “This is a major endeavor for District 1 and East Greensboro as this project is the result of the City designating funds from the 2006 and 2016 bonds earmarked specifically for the enhancement of the east side of town,” said Councilwoman Sharon Hightower.

Gateway University Research Park facilitates collaborations between researchers and businesses. Through the universities’ Joint School of Nanoscience and Nanoengineering, Gateway University Research Park provides access to state-of-the-art capabilities for product development, analytical services, materials testing, analysis and evaluation.

“The expansion of Core Technology is another example of a successful public/private partnership, boosting our local economy by adding good paying jobs to the City,” said Mayor Nancy Vaughan."

East Greensboro shownuff needs the jobs. For that I'm thankful.

Now here is what they are not telling you.

Core Technology already operates a plant in Greensboro. As there is no mention in the press release as to how many jobs will be added one cannot help but wonder if this is really an expansion or simply a move to another building that happens to include $1.2 Million in incentives?

I mean, it's a valid question, right?

Gateway University Research Park was entirely funded with taxpayer dollars that were first borrowed from Newbridge Bank and is owned by NC A&T University and UNCG. You, Dear Taxpayers, are probably still paying back the interest on the loans.

Gateway University Research Park competes with privately owned properties for the same companies.

Gateway University Research Park pays zero property taxes, meaning you must pay more. Whereas currently Core Technology's landlord,  AMBROGIO DELACHI LTD PARTNERSHIP is paying a total of $42,505.70 per year in property taxes for the one property Core occupies, no property taxes will be collected on the new building as it will be owned by Gateway University Research Park, a non profit owned by two North Carolina state owned universities both exempt from paying property taxes.

While a handful of companies have rented offices in the 2 existing Nanocenter buildings where the school and officers are housed, Core Technology is the first company to announce plans to build in Gateway University Research Park since its opening in 2008.

Back in 2007, NC A&T announced plans to launch its first spin-off biotech company, called Provagen. First on the campus of NC A&T and then to move to the Gateway University Research Park. As it turns out, "Provagen is estimated to generate $197,413 in annual revenues, and employs approximately 5 people at this single location" not in East Greensboro but at 3801 Friendly Acres Dr in West Greensboro. Oh, and their product turned out not to be the leading edge pharmaceutical they had hoped it would be but a supplement.

So when Greensboro Mayor Nancy Baracat Vaughan says, "The expansion of Core Technology is another example of a successful public/private partnership, " just remember: things never turn out the way they say they will. And when it comes to Sharon Hightower, I wonder if she is still calling the folks at the Nanocenter to complain about snakes in her driveway and demanding they send someone to come get them.

Who knows, maybe in 8 more years these geniuses will land another tenant whose product has nothing to do with nanotech.