Title
Public Hearing for Solve Industrial Motion Group Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to Solve Industrial Motion Group, and
B. Approve the city's share of a Business Investment Grant to Solve Industrial Motion Group for a not to exceed amount of $725,981 over seven years.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Alyssa Brown, Economic Development
Explanation
* On October 11, 2022, Solve Industrial Motion Group (Solve Industrial) announced it is expanding its operations in Charlotte to include a new distribution and headquarters facility.
* During the week of July 18, 2022, City Council indicated its intent to approve this Business Investment Grant.
* Solve Industrial has committed to a capital investment of $34,850,000, the creation of 60 jobs to be hired over five-years with an average wage of $74,500, and to retain 51 current positions for the term of the grant.
* In addition to the City of Charlotte Business Investment Grant:
* Mecklenburg County Board of County Commissioners approved a Business Investment Grant in the amount of $515,782, and
* The State of North Carolina approved a On the Job Training Grant in the amount of $60,000.
Background
* Solve Industrial is a manufacturer and distributor of power transmission products and industrial-grade bearings.
* The company has operated in Charlotte since the early 1990s.
* The newly constructed headquarters and distribution facility will house warehousing and distribution functions in addition to sales, marketing, and other corporate functions.
* The company will temporarily lease space in the Ayrsley development while the new building is constructed.
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 Solv...
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