GEIC working to promote, attract businesses within Graham

Graham Economic Improvement Corporation Director Grant Ingram gave a quarterly report regarding operations and financials of the organization Thursday, Aug. 4. The organization has been able to purchase properties, fund initiatives to improve local businesses and provide opportunities for businesses to thrive in the city of Graham.

The GEIC works to provide assistance for new and existing businesses within the city of Graham. The organization was incorporated in January 1994 and collects $0.25 of sales tax for economic development and $0.25 for ad valorem tax reduction. The organization took in $428,996.60 in sales taxes in 2019; $459,685.62 in 2020; and $536,11.08 in 2021, with an estimated $580,000 for 2022, according to Ingram.

“The inflation, of course, will reflect an increase in sales tax. But we’re very fortunate that we have not seen a significant dip,” Ingram said. “People are still able to make their purchases and we’re not seeing much of a hit there as far as our sales tax is collected.”

Some of the projects the GEIC has completed include the $800,000 purchase and closing of 501 Corporate Drive for the purpose of business retention and expansion. The property is approximately 16,000 square feet encompassing 1.96 acres of land. The property was appraised for $1.1 million, according to Ingram. The GEIC is currently leasing the property to Cow Kid Clothing Company.

For the full story, see the Saturday, Aug. 13 edition of The Graham Leader.