The Development Division provides economic development assistance throughout Winston-Salem through various programs that aim to promote business vitality, job creation, and an increased tax base. Ongoing projects are located in the downtown business district, Wake Forest Innovation Quarter, Brookwood [Airport] Business Park, Union Cross Business Park and other areas. Below provides information on all Economic Development Programs.
Brownfields are real property with the presence or potential presence of hazardous substances, pollutants or contaminants which may complicate the expansion, redevelopment or reuse of the property. Cleaning up and reinvesting in these properties takes development pressures off of undeveloped, open land and improves and protects the environment.
In past years the Brownfields program included Job Training and a Revolving Loan Fund. The goals of the Job Training Program were to prepare trainees for future employment in the environmental field and to facilitate cleanup of contaminated brownfield sites. The program has partnered with Forsyth Tech and they are continuing the program in this specific trade. In addition, the Revolving Loan Fund aims to provide loans to clean up brownfields for future development. For more information, read the Brownfields Program guidelines [pdf/185kb/1p].
Currently the city's fund is allocated and there is no available funding. For more information, contact the Community and Business Development Office at (336) 747-7474.
For more information on Brownfields, visit the Environmental Protection Agency's website.
Success Story: Reinvestment requires vision. Instead of leveling several of its abandoned factories downtown, Reynolds American saw an opportunity to partner with the Wake Forest Innovation Quarter (WFIQ) to revitalize the area. Reynolds donated properties to the research park that will one day employ up to 20,000 workers. WFIQ has utilized the city’s Brownfields Loan Fund to abate asbestos and tanks in the Bailey Power Plant property on Patterson Avenue (see left image). Once redeveloped, the property will house retail and green space.
Target Area Business Assistance Program
The Target Area Business Assistance program is designed to provide incentives to encourage businesses to locate within distressed areas of the city and to create job opportunities. Minimum qualifications for the program are that the funds are necessary for the company to move into or expand within the target area; the company creates or retains at least four (4) permanent jobs; and the company invests at least two dollars of private fund for every one dollar of city funds requested. The funds may be used for site, facility or structural improvements, facade or signage and the purchase of capital equipment. The resulting revitalization will in turn increase the tax base within these areas of the city.
All assistance must be approved by the City Council following a public hearing. The assistance may be given as a loan or grant, which is determined by the city on a case-by-case analysis. Maximum assistance for any project is $50,000 total. Assistance may be based upon job creation or tax base investment.
To learn more about the program and approved areas, read the Target Area Assistance guidelines [pdf/210kb/2p]. Approved areas:
For more information, contact the Community and Business Development Office at (336) 747-7474.
Urban Progress Zones Program
The Urban Progress Zone (UPZ) program utilizes NC State Tax Credits to attract new companies and encourage existing companies to add jobs and investment to distressed areas within the state. State income tax credits of up to $3,750 are available for each new job created, with a minimum of five (5) jobs created during the taxable year. A 7% state income tax credit is also available for business property investment.
To qualify for UPZ credits, a number of eligibility requirements must be met. To see where the Urban Progress Zone is located, refer to the Winston-Salem UPZ Map [pdf/895kb/1p]. For more information, read the Urban Progress Zone Program guidelines [pdf/216kb/1p].
For additional information, please contact the Community and Business Development Department at (336) 747-7474 or contact the NC Department of Commerce.
Other Local Resources
Downtown Winston-Salem Partnership
Winston Salem Business Inc.
Winston-Salem Chamber of Commerce
Available Property Sources
NRSA Commercial Listing Service
Downtown Winston-Salem Partnership
Winston-Salem Business, Inc.
City Of Winston-Salem Real Estate Department
Forsyth County Foreclosures/Sales Properties