Title
Public Hearing for DetraPel, Inc. Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to DetraPel, Inc., and
B. Approve the city's Business Investment Grant to DetraPel, Inc. for a total amount not to exceed $22,843 over three years.
Body
Staff Resource(s):
Alyson Craig, City Manager's Office
Matt Dufore, Economic Development
Explanation
* On February 11, 2025, DetraPel, Inc. announced it would relocate its headquarters to Charlotte.
* On January 13, 2025, City Council, in closed session, indicated their intent to approve this Business Investment Grant (BIG).
* DetraPel, Inc. has committed to a capital investment of $3,500,000 and creation of 35 jobs to be hired with an average wage of $71,794.
* In addition to the City of Charlotte BIG, Mecklenburg County Board of County Commissioners approved a BIG in the amount of $33,536.
Background
* DetraPel, Inc. is a clean-tech advanced materials manufacturer that specializes in synthesizing and creating protective coatings free of PFAS.
* DetraPel, Inc. will relocate seven employees.
* Nearly 70 percent of DetraPel's domestic business is concentrated in the Southeast.
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 DetraPel, Inc. must be paid before grant payment is made.
* If DetraPel, Inc. removes the investment from Charlotte during the grant term, it shall pay back 100 percent of the investment grant paid to date.
* If DetraPel, Inc. 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...
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