Title
Public Hearing for Columbus McKinnon Corporation Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a Business Investment Grant to Columbus McKinnon Corporation, and
B. Approve the city's share of a Business Investment Grant to Columbus McKinnon Corporation for a total estimated amount of $36,946 over five years.
Body
Staff Resource(s):
Tracy Dodson, Economic Development
Lori Lencheski, Economic Development
Explanation
* On August 30, 2019, Columbus McKinnon Corporation announced its selection of Charlotte for a capital investment of $3,140,000 to expand its regional headquarters for research and development.
* This action is requesting City Council approval of a Business Investment Grant estimated to be up to $36,946 over five years. Mecklenburg County's share is estimated to be $62,234, bringing the combined city and county grant estimated total to be $99,180.
* On August 7, 2019, the Mecklenburg County Board of Commissioners, in Closed Session, indicated its intent to approve a Business Investment Grant to Columbus McKinnon Corporation.
* On August 26, 2019, City Council, in Closed Session, indicated its intent to approve a Business Investment Grant to Columbus McKinnon Corporation.
* In addition to the grant for the expansion, the State of North Carolina also approved a Community College Training Grant of $25,000.
* In addition to the $3,140,000 capital investment, Columbus McKinnon has committed to 25 jobs to be hired locally over one year ($118,600 average wage).
* Additional benefits of this project include:
* Workforce development partnerships and relationship with the company can be utilized to connect talent to available positions.
* 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 the proposed project,
* Job retention through corporate expansion, and
* Gr...
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