Title
Public Hearing for Citigroup Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to Citigroup, and
B. Approve the city's Business Investment Grant to Citigroup for a total not to exceed amount of $261,857 over seven years.
Body
Staff Resource(s):
Shahid Rana, Economic Development
Matt Dufore, Economic Development
Explanation
* On July 8, 2025, Citigroup announced it would establish a major office facility in Charlotte.
* This action is requesting a public hearing be conducted regarding City Council approval of a Business Investment Grant (BIG) of $261,857 over seven years.
* On June 23, 2025, City Council, in closed session, indicated their intent to approve this BIG.
* Citigroup has committed to a capital investment of $16,106,100 and creation of 510 jobs to be hired with an average wage of $133,441.
* In addition to the City of Charlotte BIG, Mecklenburg County Board of County Commissioners approved a BIG in the amount of $185,431.
Background
* Citigroup is one of the world's leading banking institutions, partnering with organizations with cross-border needs, serving as a global leader in wealth management, and becoming known as a valued personal bank in its home market of the United States.
* Today, Citigroup has 275 full time employees in the Charlotte region that will relocate to the new facility bringing the total headcount to 785 employees.
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 Citigroup must be paid before grant payment is made.
* If Citigroup removes the investment from Charlotte during the grant term, it shall pay back 100 percent of the investment grant paid to date.
* If Citigroup moves the investment from Charlotte within ten years of the end of the Business Investment Program (BIP) grant term, a portion of the grant...
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