Follow the Money: GSO Economic Development Fund

2:15 PM, Jun 26, 2013   |    comments
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Greensboro, N.C. - Greensboro's City Council voted to loan $300,000 to help launch a sitcom. Mayor Robbie Perkins said the money is well spent because it could help encourage other TV shows and even movies to be filmed in Greensboro.

Mayor Perkins also said the city needs to find new industries and new ways to create jobs.

The city changed its vehicle maintenance program. Those changes saved the city $300,000. Council members used that money for the sitcom loan. Typically, projects like the sitcom would come out of the newly created economic development fund.

For the 2012-2013 fiscal year, the city took one quarter of a cent of every tax dollar and put it into an Economic Development Fund. For the coming 2013-2014 year, the city will take half a cent.

"In order to get some initiatives going, we have to look for new and different ways. Cities and states and communities across the country are looking at new ways to encourage job development," Assistant City Manager Andy Scott said.

Where is the Economic Development Fund money going? See the attached PDF WFMY News 2 obtained from the city of Greensboro.

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