Title
Lending Tree, LLC Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of an economic development Business Investment Grant for Lending Tree, LLC, and
B. Approve the City's share of a Business Investment Grant to Lending Tree, LLC for an estimated amount of $245,064 over five years.
Body
Staff Resource(s):
Kevin Dick, Neighborhood & Business Services
Explanation
* On November 2, 2016, Lending Tree, LLC announced its selection of Charlotte for an investment of $22 million for the expansion of its headquarters in Charlotte. The expansion will create 314 new jobs. Other competitive locations considered were Lancaster County, South Carolina, Round Rock, Texas and Nashville, Tennessee.
* Total City/County combined grant is estimated to be $662,650 over five years. Staff is requesting that City Council approve the City's share of the grant estimated to be $245,064.
* In a closed session on October 10, 2016, the City Council indicated its intent to approve a Business Investment Grant of $245,064 to Lending Tree.
* In a closed session on October 18, 2016, the Mecklenburg County Board of Commissioners indicated its intent to approve a Business Investment Grant to Lending Tree and approved a grant of $417,586 at its December 20, 2016 meeting.
* In addition to the grant for the headquarters expansion, the State of North Carolina has approved a $3.8 million Job Development Investment Grant and $519,000 in community college training funds.
* In addition to the $22 million capital investment, Lending Tree has committed to:
* 314 new jobs hired locally over five years and with an average annual wage of $81,857 (169% of the regional average wage).
* 123 corporate administration workers (legal, finance, marketing, sales & support, product managers);
* 121 customer service staff; and
* 70 technology staff.
* In addition to adding 314 new positions, 287 current employees will be retained for the term of the grant.
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