Title
Public Hearing for DetraPel, Inc. Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to DetraPel, Inc., and
B. Approve the city’s Business Investment Grant to DetraPel, Inc. for a total amount not to exceed $22,843 over three years.
Body
Staff Resource(s):
Alyson Craig, City Manager’s Office
Matt Dufore, Economic Development
Explanation
§ On February 11, 2025, DetraPel, Inc. announced it would relocate its headquarters to Charlotte.
§ On January 13, 2025, City Council, in closed session, indicated their intent to approve this Business Investment Grant (BIG).
§ DetraPel, Inc. has committed to a capital investment of $3,500,000 and creation of 35 jobs to be hired with an average wage of $71,794.
§ In addition to the City of Charlotte BIG, Mecklenburg County Board of County Commissioners approved a BIG in the amount of $33,536.
Background
§ DetraPel, Inc. is a clean-tech advanced materials manufacturer that specializes in synthesizing and creating protective coatings free of PFAS.
§ DetraPel, Inc. will relocate seven employees.
§ Nearly 70 percent of DetraPel’s domestic business is concentrated in the Southeast.
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 DetraPel, Inc. must be paid before grant payment is made.
§ If DetraPel, Inc. removes the investment from Charlotte during the grant term, it shall pay back 100 percent of the investment grant paid to date.
§ If DetraPel, Inc. moves the investment from Charlotte within ten 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; and
- Within seven to ten years of the end of the BIP term: 10 percent of grant payments.
Fiscal Note
Funding: Business Investment Grant