The Town of Elkin held a public hearing on Monday night at Town Hall on its plan to provide tax incentives for a N. Bridge Street property.
The Town proposes the incentive on the increased real property tax value at the rate of 80 percent of the amount in excess of the current taxable value over a period of five years for the property formerly known as Basin Creek General Store.
The property is located at 2000 N. Bridge St.
Officials said 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.
New owners, Round Peak Real Estates, LLC, expects to increase its real property tax value beyond the building’s existing tax value for the property.
Plans for the location include converting the property into a tasting room, a restaurant, event space, and even a microbrewery.
Upon the conclusion of the public hearing, no action was taken by its Board of Commissioners.
“The public hearing was for the real property only,” said Elkin town manager Lloyd Payne. “Another public hearing is set for October 7th for the personal property incentive request.”
Todd Tucker, president of Surry County Economic Development Partnership, Inc. spoke in favor of the project.
Reach Anthony Gonzalez at 336-835-1513 or email at email@example.com.