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 Atlanti...
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