Title
Public Hearing and Decision on The Capital Group Companies, Inc. Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to The Capital Group Companies, Inc., and
B. Approve the city’s Business Investment Grant to The Capital Group Companies, Inc. for a total amount not to exceed $1,038,565 over five years.
Body
Staff Resource(s):
Alyson Craig, City Manager’s Office
Shahid Rana, Economic Development
Matt Dufore, Economic Development
Explanation
§ On March 26, 2026, The Capital Group Companies, Inc. announced it would open a new office in Charlotte.
§ This action is requesting a public hearing be conducted regarding City Council approval of a Business Investment Grant (BIG) of $1,038,565 over five years.
§ On February 23, 2026, City Council, in closed session, indicated intent to approve this BIG.
§ The Capital Group Companies, Inc. has committed to a capital investment of $90,000,000 and creation of 600 jobs to be hired with an average wage of $200,000.
Background
§ The Capital Group is one of the nation’s oldest and largest privately held global investment companies.
§ The Capital Group has a strong record of being deeply committed to the communities in which it operates via corporate social responsibility initiatives and programs.
§ The Capital Group is heavily invested and committed to creating a diverse and inclusive work culture demonstrated through its four-day in-office policy, 25 employee resource groups, and low voluntary attrition rate.
Business Investment Grant
§ Actual grant payments are based on the value of the investment as appraised by the Mecklenburg County Tax Office.
§ Property taxes due from The Capital Group Companies, Inc. must be paid before grant payment is made.
§ If The Capital Group Companies, Inc. removes the investment from Charlotte during the grant term, it will pay back 100 percent of the investment grant paid to date.
Fiscal Note
Funding: Business Investment Grant