City of Charlotte Banner
File #: 15-19105    Version: Name:
Type: Public Hearing Item Status: Agenda Ready
File created: 11/2/2022 In control: City Council Business Meeting
On agenda: 11/28/2022 Final action:
Title: Public Hearing for Atlantic Coast Conference Business Investment Grant


Public Hearing for Atlantic Coast Conference Business Investment Grant




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.



Staff Resource(s):

Tracy Dodson, City Manager’s Office

Alyssa Brown, Economic Development



§                     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.



§                     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