Title
Allstate Insurance Company Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a Business Investment Grant to Allstate Insurance Company, and
B. Approve the City's share of a Business Investment Grant to Allstate Insurance Company for a total estimated amount of $741,539 over five years.
Body
Staff Resource(s):
Patrick Mumford, Economic Development
Kevin Dick, Economic Development
Explanation
* On August 9, 2017, Allstate Insurance Company announced its selection of Charlotte for a capital investment of $34.7 million to expand and establish a major regional operations center in Charlotte.
* Staff is requesting City Council approve a Business Investment Grant estimated to be $741,539 over five years. Mecklenburg County's share is estimated at $701,986.
* On July 24, 2017, the City Council, in Closed Session, indicated its intent to approve a Business Investment Grant to Allstate.
* On August 2, 2017, the Mecklenburg County Board of Commissioners, in Closed Session, indicated its intent to approve a Business Investment Grant to Allstate.
* The total City/County combined grant is estimated to be $1,443,525 over five 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 $16.8 million and $3,150,000 in community college training funds.
* In addition to the $34.7 million capital investment, Allstate has committed to:
* A minimum of 2,000 jobs to be hired locally over five years with an average wage of $46,813 (94% of regional average wage)
* 1,444 current employees in Charlotte to be retained for the term of the grant
* Additional benefits also include:
* Workforce development partnerships and relationships with the company can be utilized to connect talent to available positions
* The project's alignment with:
* City Values and Winning Cities characteristics
* Letter to the Community (Good Paying Jobs)
* Equitable Economic ...
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