Title
Public Hearing - Business Location and Expansion - SOFI TECHNOLOGIES, INC.
Action
ACTION:
1) Open public hearing to receive comments on a proposed Business Investment Program grant to SOFI TECHNOLOGIES, INC.
2) Close public hearing
3) Vote and adopt a resolution approving a Business Investment Program grant to SOFI TECHNOLOGIES, INC. for a not-to-exceed amount of $39,354 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:
SoFi, or Social Finance, Inc., is a leading online personal finance company that provides a range of financial products and services. The company was founded in 2011 and is headquartered in San Francisco, California.
They offer the following services:
- Lending Products: Student loan refinancing, personal loans, and home mortgages.
- Investment Services: Brokerage accounts, automated investment management.
- Banking Products: Cash management accounts, credit cards.
- Insurance: Life insurance and more through partnerships.
Their Business Model Combines technology-driven financial solutions with human support. SOFI TECHNOLOGIES, INC offers a member-centric approach focusing on financial education and community building.
SOFI TECHNOLOGIES, INC.'s proposed project meets all the following grant guidelines for a 5-year Business Investment Grant, specifically:
• A taxable investment of $3,000,000 to be completed in the next five years.
• Creation of 250 new jobs with an average wage of $116,268 (which is equal 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 Jacksonville, FL, and Frisco, TX.
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 10/07/2025
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
Business Investment Grant Account: first estimated payment would be in FY28.