news-record.com

GREENSBORO — The Nussbaum Center for Entrepreneurship will soon have a new headquarters to call its own.

The nonprofit has reached an agreement with Wells Fargo to help pay for the $3.2 million renovation of the former Carolina Steel building at South Elm-Eugene and Florida streets.

The building was donated to become the center’s new headquarters about two years ago, but it wasn’t until Friday that the organization was able to line up the money for the relocation.

“It’s good news. It has been a long time coming,” said Charlie Melvin, chairman of the Nussbaum Center board of directors. “We are pretty excited about it.”

The nonprofit business incubator currently leases 80,000 square feet at Revolution Mill Studios off Yanceyville Street. The space is sublet to 57 businesses.

But the property’s owners wanted the center to move so the old mill building could be renovated and leased to new tenants who could pay higher rents.

Nussbaum leaders and city officials have spent the past year and a half searching for ways to pay for the project through grants or other means.

In May 2010, Greensboro City Council members agreed to offer the center a 20-year, $1.2 million loan at 2.5 percent interest to help with the renovation.

But the center still needed about $2 million.

It got that late last week when leaders closed a deal to use new market tax credits to help finance the renovation.

The new market tax credits, a federal program, allow investors to get credit on income taxes when they invest in low-income neighborhoods.

The 60,000-square-foot Carolina Steel building will get an interior remodel, updated windows and new air-conditioning equipment, Nussbaum Center President Sam Funchess said.

About half the businesses that sublet at Revolution Mills are expected to move to the South Elm-Eugene building, Funchess said.

“Some clients will go with us, and some will graduate,” he said. “We are leaving it up to the businesses.”

The renovation, which will be handled by D.H. Griffin, could start as soon as this week.

The site is expected to open in about six months.

Contact Amanda Lehmert at 373-7075 or amanda.lehmert@news-record.com