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) 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 (resolution forthcoming)
BACKGROUND/JUSTIFICATION:
SoFi Technologies, Inc.(short for Social Finance Technologies, Inc.) was founded in 2011 and is headquartered in San Francisco, California. The company is a leading online personal finance company that provides a range of financial products and 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.
The company's 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 225 new jobs with an average wage of $108,007 (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 fro...
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