Title
Public Hearing for Ernst & Young US LLP Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a Business Investment Grant to Ernst & Young US LLP, and
B. Approve the City's share of a Business Investment Grant to Ernst & Young US LLP for a total estimated amount of $154,409 over five years.
Body
Staff Resource(s):
Tracy Dodson, Economic Development
Kevin Dick, Economic Development
Explanation
* On February 27, 2018, Ernst & Young US LLP (EY), a multinational professional services firm that provides audit, accounting, and consulting services, announced its selection of Charlotte for a capital investment of $8.2 million for a headquarters expansion. This expansion will be located at 1422 South Tryon Street, in Council District 3.
* The Business Investment Grant is estimated to total $300,582 over five years, including a city contribution of $154,409 and a $146,173 contribution from Mecklenburg County.
* The State of North Carolina also approved a $3.2 million Job Development Investment Grant.
* In addition to the $8.2 million capital investment, EY has committed to:
* 375 new jobs over five years with an average annual wage of $84,414 (170 percent of the regional average wage),
* 100 percent of the new positions will be hired locally, and
* 872 current employees in Charlotte to be retained for the term of the grant.
* Additional benefits also include:
* EY plans to lease an additional 30,748 square feet of office space for a seven-year term at their current offices located at 1422 South Tryon Street (Council District 1).
* Workforce development partnerships with the company will be utilized to connect talent to available positions.
* The project aligns with:
* City Values and Winning Cities Characteristics
* Letter to the Community (Good Paying Jobs)
* Equitable Economic Development and Economic Opportunity
* Diversity of jobs on the proposed project
* Job retention through corporate expansion
* Growth industry ...
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