Title
Public Hearing for Lending Tree, LLC Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a Business Investment Grant to Lending Tree, LLC, and
B. Approve the City's share of a Business Investment Grant to Lending Tree, LLC for a total estimated amount of $733,988 over seven years.
Body
Staff Resource(s):
Tracy Dodson, Economic Development
Lori Lencheski, Economic Development
Explanation
* On December 6, 2018, Lending Tree, LLC announced its selection of Charlotte for a capital investment of $26,180,000 to expand its headquarters.
* This action is requesting City Council to approve a Business Investment Grant estimated to be up to $733,988 over seven years. Mecklenburg County's share is estimated to be $686,878, bringing the combined city and county grant estimated total to be $1,420,866.
* On December 4, 2018, the Mecklenburg County Board of Commissioners, in Closed Session, indicated its intent to approve a Business Investment Grant to Lending Tree, LLC.
* On November 26, 2018, City Council, in Closed Session, indicated its intent to approve a Business Investment Grant to Lending Tree, LLC.
* In addition to the grant for the expansion, the State of North Carolina also approved a Job Development Investment Grant in the amount of $8,300,000 and $610,000 in community college training funds.
* In addition to the $26,180,000 capital investment, Lending Tree, LLC committed has to:
* 436 jobs to be hired locally over five-years ($101,400 average wage), and
* 488 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 Winning Cities Characteristics,
* Letter to the Community (Good Paying Jobs),
* Equitable Economic Development, and Economic Opportunity,
* Diversity of jobs on proposed p...
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