Title
Public Hearing for InterContinental Capital Group Business Investment Grant
Action
Action:
Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to InterContinental Capital Group.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Frances West, Economic Development
Explanation
* On December 22, 2020, InterContinental Capital Group announced it would expand its existing operations in Charlotte.
* This action is requesting a public hearing be conducted regarding City Council approval of a not to exceed Business Investment Grant (BIG) of $109,661 over seven years.
* During the week of November 2nd, City Council indicated their intent to approve this Business Investment Grant during council discussions.
* InterContinental Capital Group has committed to a capital investment of $5,844,450, and creation of 500 jobs to be hired over five-years with an average wage of $87,500.
* In addition to the 500 new jobs, 120 current positions will be retained for the term of the grant.
* In addition to the Business Investment Grant, the State of North Carolina also approved a Job Development Investment Grant in the amount of $7,694,250 and $650,000 in community college training funds.
* In compliance with G.S. 166A-19.24 Remote meetings during certain declarations of emergency, written comments on the public hearing topic will be accepted by the Clerk's Office through January 26, 2021, at 11:59 p.m. Any additional comments received will be provided to Council.
* On February 8, 2021, City Council will be asked to approve the BIG to InterContinental Capital Group.
Background
* InterContinental Capital Group is a direct lending mortgage bank that specializes in home financing and residential properties.
* Headquartered in Melville, New York, the startup was founded in 2005 and offers a home financing process that utilizes the latest technologies to ensure customers have a personalized experience.
* The company...
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