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File #: 15-14009    Version: 1 Name:
Type: Public Hearing Item Status: Agenda Ready
File created: 8/14/2020 In control: City Council Business Meeting
On agenda: 9/14/2020 Final action:
Title: Public Hearing for Retirement Clearinghouse, LLC Business Investment Grant
Title
Public Hearing for Retirement Clearinghouse, LLC Business Investment Grant

Action
Action:
Conduct a public hearing regarding approval of a Business Investment Grant to Retirement Clearinghouse, LLC.

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

Explanation
* Retirement Clearinghouse, LLC is a financial technology ("fintech") company founded in Charlotte in 2001 and is currently headquartered in Charlotte.
* On August 11, 2020, Retirement Clearinghouse, LLC announced it would stay in Charlotte and expand its existing headquarters.
* Retirement Clearinghouse, LLC has committed to a capital investment of $4,200,000 and creation of 300 jobs to be hired over five-years with an average wage of $72,717.
* In addition to the 300 new jobs, 60 current positions will be retained for the term of the grant.
* This action is requesting a public hearing be conducted regarding City Council approval of a not to exceed Business Investment Grant of $78,686 over seven years.
* On July 27, 2020, City Council, in Closed Session, indicated its intent to approve a Business Investment Grant to Retirement Clearinghouse, LLC.
* In addition to the Business Investment Grant, the State of North Carolina also approved a Job Development Investment Grant in the amount of $3,267,000 and $330,000 in community college training funds.

Business Investment Grant
* The general terms and conditions of this grant include:
* Actual grant payments are based on the value of the investment as appraised by the Mecklenburg County Tax Office.
* Property taxes due from Retirement Clearinghouse, LLC must be paid before a grant payment is made.
* If Retirement Clearinghouse, LLC removes the investment from Charlotte during the grant term, it shall pay back 100 percent of the investment grant paid to date.
* If Retirement Clearinghouse, LLC moves the investment from Charlotte within seven years of the end of the Business Investment Program (BIP) grant t...

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