Title
Public Hearing on AvidXchange, Inc. Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a Business Investment Grant to AvidXchange, Inc., and
B. Approve the City's share of a Business Investment Grant to AvidXchange, Inc. for a total estimated amount of $1,237,682 over seven years.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Lori Lencheski, Economic Development
Explanation
* On December 18, 2018, AvidXchange, Inc. announced its selection of Charlotte for a capital investment of $42,000,000 to expand its headquarters in Charlotte.
* City Council is being asked to approve a Business Investment Grant estimated to be up to $1,237,682 over seven years. Mecklenburg County's share is estimated at $2,084,836.
* On November 26, 2018, the City Council, in Closed Session, indicated its intent to approve a Business Investment Grant to AvidXchange, Inc., located in Council District 2.
* On December 4, 2018, the Mecklenburg County Board of Commissioners, in Closed Session, indicated its intent to approve a Business Investment Grant to AvidXchange, Inc.
* Total City/County combined grant is estimated to be $3,322,518 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 $19,614,000 and $935,000 in community college training funds.
* In addition to the $42,000,000 capital investment, AvidXchange, Inc. committed to:
* 1,229 Net new jobs over four years ($68,000 average wage), and
* 887 Current employees in Charlotte to be retained for the term of the grant.
* An additional benefit includes workforce development partnerships and the relationship with the company can be utilized to connect talent to available positions.
* This project aligns with:
* City Values and Winning Cities Characteristics
* Letter to the Community (Good Paying Jobs)
* Equitable Economic Development and Economic Opportunity
* Diversity o...
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