Title
Public Hearing for AssetMark Financial Holdings Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to AssetMark Financial Holdings, and
B. Approve the city's Business Investment Grant to AssetMark Financial Holdings for a total not to exceed amount of $87,575 over five years.
Body
Staff Resource(s):
Shahid Rana, Economic Development
Matt Dufore, Economic Development
Explanation
* On July 8, 2025, AssetMark Financial Holdings announced it would establish an East Coast hub in Charlotte.
* This action is requesting a public hearing be conducted regarding City Council approval of a Business Investment Grant (BIG) of $87,575 over five years.
* On June 23, 2025, City Council, in closed session, indicated their intent to approve this BIG.
* AssetMark Financial Holdings has committed to a capital investment of $10,000,000 and creation of 252 jobs to be hired with an average wage of $110,438.
* In addition to the City of Charlotte BIG, Mecklenburg County Board of County Commissioners approved a BIG in the amount of $85,750.
Background
* AssetMark provides innovative solutions, insightful guidance, and excellent service to financial advisors at every stage of their journey.
* AssetMark Financial Holdings has an in-market presence acquiring a smaller financial services business in 2023 with 45 employees reporting into the office.
* AssetMark Financial Holdings' current location remains in Concord, CA.
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 AssetMark Financial Holdings must be paid before grant payment is made.
* If AssetMark Financial Holdings removes the investment from Charlotte during the grant term, it shall pay back 100 percent of the investment grant paid to date.
* If AssetMark Financial Holdings moves the investment from Charlotte wi...
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