Title
Public Hearing for Microsoft Corporation Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a Business Investment Grant to Microsoft Corporation, and
B. Approve the city's share of a Business Investment Grant to Microsoft Corporation for a total estimated amount of $664,403 over seven years.
Body
Staff Resource(s):
Tracy Dodson, Economic Development
Lori Lencheski, Economic Development
Explanation
* On October 25, 2019, Microsoft Corporation announced a capital investment of $23,900,000 to expand its presence in Charlotte.
* City Council is being asked to approve a Business Investment Grant estimated to be up to $664,403 over seven years. Mecklenburg County's share is estimated to be $816,117, bringing the combined city and county grant estimated total to be $1,480,520.
* On August 26, 2019, City Council, in Closed Session, indicated its intent to approve a Business Investment Grant to Microsoft Corporation.
* On September 4, 2019, the Mecklenburg County Board of Commissioners, in Closed Session, indicated its intent to approve a Business Investment Grant to Microsoft Corporation.
* In addition to the grant for the expansion, the State of North Carolina also approved a Job Development Investment Grant in the amount of $7,900,000 and $559,000 in community college training funds.
* In addition to the $23,900,000 capital investment, Microsoft Corporation committed to:
* 430 net new jobs to be hired locally over four years ($96,250 average wage), and
* 1,148 current employees in Charlotte to be retained for the term of the grant.
* Additional benefits include:
* Workforce development partnerships and relationship with Microsoft Corporation 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 pro...
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