Title
NN, Inc. Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a Business Investment Grant to NN, Inc. and
B. Approve the City's share of a Business Investment Grant to NN, Inc. for a total estimated amount of $106,571 over five years.
Body
Staff Resource(s):
Patrick Mumford, Economic Development
Kevin Dick, Economic Development
Explanation
* On September 12, 2017, NN, Inc. (NN) announced its selection of Charlotte for a capital investment of $10.5 million to relocate and establish a corporate headquarters in Charlotte.
* Staff is requesting City Council approve a Business Investment Grant estimated up to $106,571 over five years. Mecklenburg County's share is estimated at $181,595.
* On July 24, 2017, the City Council, in Closed Session, indicated its intent to approve a Business Investment Grant to NN.
* On August 2, 2017, the Mecklenburg County Board of Commissioners, in Closed Session, indicated its intent to approve a Business Investment Grant to NN and will hold a public hearing on October 3, 2017.
* The total City/County combined grant is estimated to be $288,166 over five years.
* The State of North Carolina also approved a Job Development Investment Grant in the amount of $3,688,000 and up to $360,000 in community college training funds.
* In addition to the $10.5 million capital investment, NN committed to:
* 200 jobs, with 175 to be hired locally, over five years ($130,000 average wage)
* 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 Winning Cities Characteristics
* Letter to the Community (Good Paying Jobs)
* Equitable Economic Development and Economic Opportunity
* Diversity of jobs on proposed project
* Job retention through corporate expansion
* Growth industry with significant job and contracting opportunities
Background
* Headquarter...
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