Tax incentive proposed for Basin Creek property
by Anthony Gonzalez Staff Reporter
A tax incentive has been proposed by the Town of Elkin for a local business seeking to redevelop the property formally known as the Basin Creek General Store located at 2000 N. Bridge St.
Plans for the location include converting the property into a tasting room, a restaurant, event space, and even a microbrewery.
Town commissioners will hold a public hearing at 7:00pm on September 9th on a proposed economic development incentive for the property.
With its private investment, Round Peak Real Estates, LLC expects to increase its real property tax value beyond the building’s existing tax value for the property.
The Town proposes to incent the new taxable investment, based on the increased real property tax value at the rate of 80% of the amount in excess of the current taxable value over a period of five years.
The incentive relates to the incremental tax increase on the property. The tax incentive is performance based, said Town officials.
Also, officials say that with the incentive there is no money ‘up front’ and a minimum employment level will need to be maintained to trigger the annual eligibility for the incentive.
Leslie Schlender, Economic Development Director for the Town of Elkin said: “I’m thrilled Round Peak has chosen to invest in Elkin for their new expansion. The project fits well within our existing Economic Development Strategy in the areas of tourism and viticulture, and it will be a wonderful draw to that area of North Bridge Street. Basin Creek General Store was an icon of sorts for Elkin and it will be great for it to have a new lease on life as a part of Round Peak’s efforts.”
If plans proceed, the business(es) forecast to create anywhere from 3 to more than a dozen jobs, both full and part time.
A zoning hearing concerning the same property and project will also take place at the Board of Commissioners meeting on September 9th.
At this time no permits have been issued from the Town or County due to this pending zoning process.
Reach Anthony Gonzalez at 835-1513 or email at firstname.lastname@example.org
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