Title
Public Hearing and Decision on Pacific Life Insurance Company Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to Pacific Life Insurance Company, and
B. Approve a Business Investment Grant to Pacific Life Insurance Company for a total amount not to exceed $170,695 over six years.
Body
Staff Resource(s):
Alyson Craig, City Manager’s Office
Shahid Rana, Economic Development
Matt Dufore, Economic Development
Explanation
§ On October 21, 2025, Pacific Life Insurance Company announced it would open a new office in Charlotte.
§ On October 13, 2025, City Council, in closed session, indicated intent to approve this Business Investment Grant (BIG).
§ Pacific Life Insurance Company has committed to a capital investment of $12,300,000 and creation of 298 jobs to be hired with an average wage of $177,584.
Background
§ Pacific Life is a 157-year-old financial services company opening its third U.S. location and first location on the east coast, enabling better collaboration with international operations.
§ Pacific Life recently launched an ambitious 2030 strategy focused on scaling the business and growing profitability, implementing an updated hybrid policy that will see all employees reporting in office four days a week.
§ Pacific Life’s current headquarters remains in California.
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 Pacific Life Insurance Company must be paid before grant payment is made.
§ If Pacific Life Insurance Company removes the investment from Charlotte during the grant term, it shall pay back 100 percent of the BIG paid to date.
Fiscal Note
Funding: Business Investment Grant