Title
Public Hearing for Atlantic Coast Conference Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to Atlantic Coast Conference, and
B. Approve the city’s share of a Business Investment Grant to Atlantic Coast Conference for a not to exceed amount of $40,914 over three years.
Body
Staff Resource(s):
Tracy Dodson, City Manager’s Office
Alyssa Brown, Economic Development
Explanation
§ On September 20, 2022, the Atlantic Coast Conference (ACC) announced it would relocate its headquarters to Charlotte.
§ During the week of May 3, 2022, City Council indicated its intent to approve this Business Investment Grant.
§ Atlantic Coast Conference has committed to a capital investment of $4,900,000, and the creation of 50 jobs to be hired over three-years with an average wage of $95,000.
§ In addition to the City of Charlotte Business Investment Grant, the Mecklenburg County Board of County Commissioners approved a Business Investment Grant in the amount of $40,242.
Background
§ The ACC is a non-profit, collegiate athletic association with fifteen member schools located along the east coast.
§ The headquarters is relocating from Greensboro and there was a collaborative effort between the City of Charlotte, Mecklenburg County, Charlotte Regional Business Alliance, and State of North Carolina to retain their operations in the state.
§ The ACC has hosted many sporting events in Charlotte in recent years, including the ACC football championship, baseball championship, and basketball tournament.
§ Many of these championships will be hosted in Charlotte in the coming years, along with new opportunities to host events and tournaments in additional sports.
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 Atlantic Coast Conference must be paid before a grant payment is made.
- If Atlantic Coast Conference removes the investment from Charlotte during the grant term, it shall pay back 100 percent of the investment grant paid to date.
- If Atlantic Coast Conference moves the investment from Charlotte within three years of the end of the Business Investment Program (BIP) grant term, a portion of the grant must be repaid as follows:
§ Within one year of the end of the BIP Term - 90 percent of grant payments
§ Within two years of the end of the BIP Term - 75 percent of grant payments
§ Within three years of the end of the BIP Term - 60 percent of grant payments
Fiscal Note
Funding: Business Investment Grant
Attachments