Title
Snyder's Lance Inc. Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of an economic development Business Investment Grant for Snyder's Lance Inc.,
B. Approve the City's share of a Business Investment Grant to Snyder's Lance, Inc. for a total estimated amount of $631,166 over five years,
C. Approve a contract in the amount of $100,000 with the North Carolina Department of Commerce and Snyder's Lance, Inc. from the One North Carolina Fund Grant, and
D. Adopt a budget ordinance appropriating $100,000 from the North Carolina Department of Commerce One North Carolina Fund Grant to Snyder's Lance, Inc.
Body
Staff Resource(s):
Kevin Dick, Neighborhood & Business Services
Explanation
* On November 28, 2016, the Snyder's Lance Inc. will formally announce its selection of Charlotte for an investment of $38 million for the expansion of its manufacturing operations and headquarters, including the addition of a new brand operation.
* The expansion will create 130 new jobs. Other competitive locations considered were Stockton, California and Columbus, Georgia.
* Staff is requesting City Council approve a Business Investment Grant estimated to be $631,166 over five years. The County's share is estimated to be $1,075,500.
* On August 22, 2016, the City Council, in closed session, unanimously indicated its intent to approve a Business Investment Grant to Snyder's Lance, Inc.
* On September 6, 2016, the Mecklenburg County Board of Commissioners, in closed session, indicated its intent to approve a Business Investment Grant to Snyder's Lance, Inc. and will consider its portion of the grant at their December 6, 2016 meeting.
* Total City/County combined grant is estimated to be $1,706,666 over five years.
* In addition to the grant for the expansion, the state of North Carolina also approved a One North Carolina Fund Grant in the amount of $100,000 and $130,000 in community college training funds.
* In addition to the $38 ...
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