Title
Public Hearing for Cognizant Technology Solutions LLC US Corp. Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a Business Investment Grant to Cognizant Technology Solutions LLC US Corp., and
B. Approve the city's share of a Business Investment Grant to Cognizant Technology Solutions LLC US Corp. for a total estimated amount of $51,161 over five years.
Body
Staff Resource(s):
Tracy Dodson, Economic Development
Lori Lencheski, Economic Development
Explanation
* On December 6, 2018, Cognizant Technology Solutions LLC US Corp. announced its selection of Charlotte for a capital investment of $5,000,000 to expand its headquarters in Council District 3.
* This action is requesting approval of a Business Investment Grant estimated to be up to $51,161 over five years. Mecklenburg County's share is estimated to be $87,179, bringing the combined city and county grant estimated total to $138,340.
* On August 8, 2018, the Mecklenburg County Board of Commissioners, in Closed Session, indicated its intent to approve a Business Investment Grant to Cognizant Technology Solutions LLC US Corp.
* On August 27, 2018, City Council, in Closed Session, indicated its intent to approve a Business Investment Grant to Cognizant Technology Solutions LLC US Corp.
* In addition to the grant for the expansion, the State of North Carolina also approved a Job Development Investment Grant in the amount of $1,700,000 and $390,000 in community college training funds.
* In addition to the $5,000,000 capital investment, Cognizant Technology Solutions LLC US Corp. has committed to:
* 300 jobs to be hired locally over five-years ($68,270 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...
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