Title
Public Hearing for Lowe's Companies Inc. Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a Business Investment Grant to Lowe's Companies Inc.,
B. Approve contracts between the City of Charlotte, the North Carolina Department of Commerce (the State) and Lowe's Companies Inc. for a $2,000,000 One North Carolina Grant from the State to Lowe's Companies Inc.,
C. Approve the city's share of a Business Investment Grant to Lowe's Companies Inc. for a total estimated amount of $6,031,880 over 10 years, and
D. Adopt a budget ordinance appropriating $2,000,000 for a One North Carolina Grant to Lowe's Companies Inc.
Body
Staff Resource(s):
Tracy Dodson, Economic Development
Lori Lencheski, Economic Development
Explanation
* On June 27, 2019, Lowe's Companies Inc. announced its selection of Charlotte for a capital investment of $153,885,325 to relocate its global headquarters to Charlotte with site location in Council District 3.
* This action is requesting approval of a Business Investment Grant estimated to be up to $6,031,880 over 10 years. Mecklenburg County's share is estimated at $10,160,514. Total city and county combined grant is estimated to be $16,192,394 over ten years.
* On June 4, 2019, the Mecklenburg County Board of Commissioners, in Closed Session, indicated its intent to approve a Business Investment Grant to Lowe's Companies Inc.
* On May 28, 2019, the City Council, in Closed Session, indicated its intent to approve a Business Investment Grant to Lowe's Companies Inc.
* In addition to the grant for the expansion, the State of North Carolina also approved a Job Development Investment Grant in the amount of $38,900,000 and $1,960,000 in community college training funds.
* In addition to the $153,885,325 capital investment, Lowe's Companies Inc. has committed to 1,912 jobs to be hired locally over five years ($110,000 average wage).
* One North Carolina Grant
* On June 27, 2019, the State announced t...
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