Title
Public Hearing for Citigroup Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to Citigroup, and
B. Approve the city’s Business Investment Grant to Citigroup for a total not to exceed amount of $261,857 over seven years.
Body
Staff Resource(s):
Shahid Rana, Economic Development
Matt Dufore, Economic Development
Explanation
§ On July 8, 2025, Citigroup announced it would establish a major office facility in Charlotte.
§ This action is requesting a public hearing be conducted regarding City Council approval of a Business Investment Grant (BIG) of $261,857 over seven years.
§ On June 23, 2025, City Council, in closed session, indicated their intent to approve this BIG.
§ Citigroup has committed to a capital investment of $16,106,100 and creation of 510 jobs to be hired with an average wage of $133,441.
§ In addition to the City of Charlotte BIG, Mecklenburg County Board of County Commissioners approved a BIG in the amount of $185,431.
Background
§ Citigroup is one of the world’s leading banking institutions, partnering with organizations with cross-border needs, serving as a global leader in wealth management, and becoming known as a valued personal bank in its home market of the United States.
§ Today, Citigroup has 275 full time employees in the Charlotte region that will relocate to the new facility bringing the total headcount to 785 employees.
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 Citigroup must be paid before grant payment is made.
§ If Citigroup removes the investment from Charlotte during the grant term, it shall pay back 100 percent of the investment grant paid to date.
§ If Citigroup 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 years of the end of the BIP term: 10 percent of grant payments.
Fiscal Note
Funding: Business Investment Grant