Title
JELD-WEN, Inc. Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of an economic development Business Investment Grant for JELD-WEN, Inc., and
B. Approve the City's share of a Business Investment Grant to JELD-WEN, Inc. for an estimated amount of $438,106 over five years.
Body
Staff Resource(s):
Kevin Dick, Neighborhood & Business Services
Explanation
* On November 4, 2016, JELD-WEN, Inc. announced its selection of Charlotte for an investment of $38 million for the expansion and development of a new headquarters campus and training center. The expansion will create 206 new jobs. Other competitive locations considered were York and Lancaster Counties in South Carolina and Kiamath Falls, Oregon.
* The total City/County combined grant is estimated to be $1,184,635 over five years. Staff is requesting that City Council approve the City's share estimated at $438,106.
* In a closed session on October 10, 2016, the City Council indicated its intent to approve a Business Investment Grant of $438,106 to JELD-WEN.
* In a closed session on October 18, 2016, the Mecklenburg County Board of Commissioners indicated its intent to approve a Business Investment Grant of $746,529 to JELD-WEN and subsequently approved its portion of the grant at its December 20, 2016 meeting.
* In addition to the local contribution, the State of North Carolina has approved a $2.4 million Job Development Investment Grant and $350,200 in community college training funds.
* In addition to the $38 million capital investment, JELD-WEN has committed to:
* 206 new jobs over five years with an average annual wage of $75,000 (155% of the regional average wage). Of those positions, 155 will be hired locally.
* 124 corporate administration workers (legal, human resources, finance, sales, marketing and procurement).
* 82 manufacturing related workers (engineering, information technology, and product line management).
* 157 current employees to be retained ...
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