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File #: 15-13800    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 7/10/2020 In control: City Council Business Meeting
On agenda: 8/10/2020 Final action:
Title: Centene Corporation Business Investment Grant
Title
Centene Corporation Business Investment Grant

Action
Action:
Approve the city's share of a Business Investment Grant to Centene Corporation for a not to exceed amount of $31,588,352 over 12 years.

Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Frances West, Economic Development

Explanation
* On July 1, 2020, Centene Corporation announced its selection of Charlotte for its east coast headquarters and technology center, resulting in a capital investment of $1,034,900,790 and the creation of 3,237 jobs to be hired over 10 years with an average wage of $100,089.
* This action is requesting City Council to approve a not to exceed Business Investment Grant of $31,588,352 over 12 years. Mecklenburg County's not to exceed amount is $26,023,000 over 10 years, bringing the combined not to exceed city and county grant estimated total to be $57,611,352.
* On June 22, 2020, City Council, in Closed Session, indicated its intent to approve a Business Investment Grant to Centene Corporation, and
* On June 23, 2020, the Mecklenburg County Board of Commissioners, in Closed Session, indicated its intent to approve a Business Investment Grant to Centene Corporation
* In addition to the Business Investment Grant (BIG), the State of North Carolina also approved a Job Development Investment Grant in the amount of $388,000,000 and $4,531,800 in community college training funds.
* On July 27, 2020, a public hearing was conducted regarding approval of a BIG to Centene Corporation. No public comments were received.

Background
* Centene Corporation is a leading multi-national healthcare enterprise that is committed to helping people live healthier lives through managing healthcare plans to over 23 million members.
* Centene Corporation is headquartered in St. Louis and number 42 on the Fortune 500 list.
* Centene Corporation has operations in all 50 states and international markets, with over 69,000 employees.
* Centene Corporation has received the followin...

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