Title
Public Hearing for alpitronic Americas, LLC Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to aplitronic Americas, LLC, and
B. Approve the city’s share of a Business Investment Grant to aplitronic Americas, LLC for a not to exceed amount of $181,846 over seven years.
Body
Staff Resource(s):
Tracy Dodson, City Manager’s Office
Alyssa Brown, Economic Development
Explanation
§ On May 23, 2023, alpitronic Americas announced it would locate its North American headquarters and technology center in Charlotte.
§ This action is requesting a public hearing be conducted regarding City Council approval of a Business Investment Grant (BIG) of $181,846 over seven years.
§ On May 22, 2023, City Council, in closed session, indicated their intent to approve this BIG.
§ alpitronic Americas has committed to a capital investment of $9,300,000 and creation of 300 jobs to be hired with an average wage of $90,158.
§ In addition to the City of Charlotte Business Investment Grant, Mecklenburg County Board of County Commissioners approved a Business Investment Grant in the amount of $145,265.
§ In addition to the BIGs, the State of North Carolina approved a Jobs Development Investment Grant of up to $2,327,250 for a term of twelve years and $570,000 in community college training funds.
Background
§ alpitronic Americas is an Italian manufacturer of electric vehicle charging units.
§ This will be the company’s first operations in the United States.
§ The company is purchasing a facility located at 5815 Westpark Drive in Charlotte and will begin hiring new staff upon completion of building renovations.
§ In addition to the company’s headquarters, this facility will house the technology center staffed by engineers and maintenance technicians.
Business Investment Grant
§ The general terms and conditions of this grant include:
- Actual grant payments are based on the value of the investment as appraised by the Mecklenburg County Tax Office.
- Property taxes due from aplitronic Americas, LLC must be paid before a grant payment is made.
- If aplitronic Americas, LLC removes the investment from Charlotte during the grant term, it shall pay back 100 percent of the investment grant paid to date.
- If aplitronic Americas, LLC moves the investment from Charlotte within seven years of the end of the Business Investment Program (BIP) grant term, a portion of the grant must be repaid as follows:
§ Within one year of the end of the BIP Term - 90 percent of grant payments
§ Within two years of the end of the BIP Term - 75 percent of grant payments
§ Within three years of the end of the BIP Term - 60 percent of grant payments
§ Within four years of the end of the BIP Term - 45 percent of grant payments
§ Within five years of the end of the BIP Term - 30 percent of grant payments
§ Within six years of the end of the BIP Term - 20 percent of grant payments
§ Within seven years of the end of the BIP Term - 10 percent of grant payments
Fiscal Note
Funding: Business Investment Grant