Title
AXA Equitable Life Insurance Company Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a Business Investment Grant to AXA Equitable Life Insurance Company, and
B. Approve the City's share of a Business Investment Grant to AXA Equitable Life Insurance Company for a total estimated amount of $486149 over seven years.
Body
Staff Resource(s):
Patrick Mumford, Economic Development
Kevin Dick, Economic Development
Explanation
* On May 9, 2017, AXA Equitable Life Insurance Company (AXA announced its selection of Charlotte for an investment of $17.2 million for the expansion of its regional headquarters in Charlotte.
* Staff is requesting City Council approve a Business Investment Grant estimated to be $486,149 over seven years. Mecklenburg County's share is estimated at $460,218.
* On May 2, 2017, the Mecklenburg County Board of Commissioners, in Closed Session, indicated its intent to approve a Business Investment Grant to AXA and held a public hearing on Tuesday, June 6, 2017.
* On May 8, 2017, the City Council, in Closed Session, indicated its intent to approve a Business Investment Grant to AXA.
* The total City/County combined grant is estimated to be $946,367 over seven years.
* In addition to the grant for the expansion, the State of North Carolina also approved a Job Development Investment Grant in the amount of $11.8 million and $935,000 in community college training funds.
* In addition to the $17.2 million capital investment, AXA committed to:
* 550 new jobs over five years with an average annual wage of $95,000 (191 percent of the regional average wage).
* 315 of the new positions are expected to be hired locally
* 580 current employees in Charlotte to be retained for the term of the grant
* Additional benefits also include:
* Workforce development partnerships and relationship with company can be utilized to connect talent to available positions
* The project's alignment with:
* City Values and Winnin...
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