Title
Business Location and Expansion - PACIFIC LIFE
Action
ACTION:
1) Open public hearing to receive comments on a proposed Business Investment Program grant to PACIFIC LIFE
2) Close public hearing
3) Adopt a resolution approving a 5-year, 75% Business Investment Program grant to PACIFIC LIFE for a not-to-exceed amount of $210,000 and authorize the County Manager to negotiate and execute the contract
Staff Contact: Clay Andrews, Economic Development Manager, Office of Economic Development
Presentation: Yes
BACKGROUND/JUSTIFICATION:
Pacific Life is a major US-based financial services company (272 on Fortune 500 list) that provides life insurance, annuities, and mutual funds to individuals, businesses, and pension plans.
Recognized as a leader in the financial services industry with nearly 160 years of experience, Pacific Life attributes its success to a commitment to long-term stability, growth, and outstanding customer service.
A mutual holding company, it is privately owned by its policyholders, which allows it to focus on long-term strategy rather than short-term shareholder demands.
Founded in 1868 and headquartered in Newport Beach, CA.
Named in 2025 as the World’s Most Ethical Companies by Ethisphere.
PACIFIC LIFE's proposed project meets all the following grant guidelines for a 5-year Business Investment Grant, specifically:
• A taxable investment of $12,3000,000 to be completed in the next five years.
• Creation of 301 new jobs with an average wage of $176,379 (which is equal to or greater than 100% of the average SOC codes for each job position for the Charlotte-Gastonia-Rock Hill M.S.A.).
• There is competition for this project from Rock Hill, SC, and Jersey City, NJ.
The general terms and conditions of this grant include:
• A portion of the grant must be repaid if the company moves this investment from Charlotte within 5 years of the end of the grant term.
• Actual grant payments are based on the value of the investment as appraised by the Mecklenburg County Tax Office.
• All property taxes due from the company must be paid before a grant payment is made.
The Board of County Commissioners indicated its intent to approve this grant in a closed session on 10/21/2025.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
Business Investment Grant Account: first estimated payment would be in FY28.