Bond Economic Development Projects

Voters approved $20 million for economic development sites and infrastructure. As a December 31, 2015, two proposals have been approved, totaling $1.03 million in bond funds.

Enterprise Drive

Union Cross Business Park
Bond funding: $500,000

The city agreed to provide $500,000 in bond funds as a matching grant to build a $1 million extension of Enterprise Park Boulevard at the rear entrance of Union Cross Business Park. The extension will provide access to additional developable land. It would also provide secondary entrance and exit into the park, addressing a major safety concern at the park.

The city's participation is capped at $500,000. The balance of the cost will be contributed by other sources. The parcel of land that could be accessed from the extension contains approximately 16.25 acres and could support a building of up to 150,000 square feet.

A building of this size would generate new city property tax revenues of $43,000 per year based upon a $6.0 million construction cost and $2.0 million for machinery and equipment. Such a project would pay for itself in approximately 10 to 12 years plus create an opportunity for new job growth in the community.

Speculative Building

Union Cross Business Park
Bond funding: $533,640

Winston-Salem Business Inc. plans to construct a speculative building in the Union Cross Business Park of about 50,000-60,000 square feet, with expansion capability of at least 20,000 additional square feet.

The building primarily would be marketed towards companies seeking to relocate to Winston-Salem. Once the building is sold, the city funds would be repaid to the economic development loan fund to be used for future economic development purposes.

The projected total cost of the project is $2.5 million, of which $1,966,360 would come from the Dell Repayment Fund and $533,640 from the economic development bonds.