Title
Public Hearing - Business Location and Expansion - The Capital Group Companies, Inc.
Action
ACTION:
1) Open public hearing to receive comments on a proposed Business Investment Program grant to THE CAPITAL GROUP COMPANIES, INC.
2) Close public hearing
3) Approve a resolution for a 3-year, 50% Business Investment Program Grant to The Capital Group Companies, Inc. for a not-to-exceed amount of $634,000 and to 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:
The Capital Group Companies, Inc. is one of the largest, privately held global asset management companies in the world. They are headquartered in Los Angeles. The Mecklenburg County site will serve as an East Coast operations hub, intended to expand the firm’s geographic reach and improve operational resilience by diversifying its U.S. footprint.
The hub is expected to include teams across data, technology, operations, and global business services.
This is a high-value office/operations recruitment project in the financial services sector, aligning with the County’s and region’s focus on attracting corporate, back-office, tech-enabled, and business-services employment.
THE CAPITAL GROUP COMPANIES, INC's proposed project meets all the following grant guidelines for a 3-year Business Investment Grant, specifically:
· A taxable investment of $90,000,000 to be completed in the next five years.
· Creation of 600 new jobs with an average wage of $200,875 (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 Carmel, IN.
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 ter...
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