Title
Public Hearing for Albemarle Corporation Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to Albemarle Corporation, and
B. Approve the City's share of a Business Investment Grant to Albemarle Corporation for a not to exceed amount of $7,239,818 over 12 years.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Alyssa Brown, Economic Development
Explanation
* On December 13, 2022, Albemarle Corporation announced it would locate an advanced lithium technology center in Charlotte.
* On November 28th, 2022, City Council indicated their intent to approve this Business Investment Grant during council discussions.
* Albemarle Corporation has committed to a capital investment of $200,000,000 and creation of 200 jobs to be hired with an average wage of $87,381.
* 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 $4,201,706, and
* The State of North Carolina approved a Jobs Development Investment Grant of up to $1,239,000 for a term of 12 years and $410,000 in community college training funds.
Background
* Albemarle Corporation is a Fortune 500 leading chemical manufacturer.
* The company relocated its headquarters to Charlotte in 2015 where it currently employs 463 people.
* On September 28, 2015, City Council approved a Business Investment Grant for Albemarle Corporation in the amount of $75,711 for a term of three years. This grant has been paid out.
* The company has purchased the site at 6800 Solectron Drive in Council District 2 for the new advanced materials facility.
* This new center will house research on novel materials, advanced process development, and advance lithium products.
Business Investment Grant
* The general terms and conditions of this grant include:
* Actual grant payments are based on the value of the investment as apprai...
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