Title
Business Location and Expansion - TOROMONT USA, INC and AVL USA, INC.
Action
ACTION:
1) Open public hearing to receive comments on a proposed Business Investment Program grant to TOROMONT USA, INC. and AVL USA, INC
2) Close public hearing
3) Adopt a resolution approving a Business Investment Program grant to TOROMONT USA, INC. and AVL USA, INC. for a not-to-exceed amount of $641,506 and authorize the County Manager to negotiate and execute the contract
Staff Contact: Clay Andrews, Senior Program Manager, Office of Economic Development
Presentation: Yes
BACKGROUND/JUSTIFICATION:
AVL USA, INC. (Job creator) and Toromont USA, INC. (capital investment entity) are entities owned by Toromont Industries, Ltd., a Canadian publicly traded company founded in 1961.
This is the first US-based location for the Equipment Group branch production and assembly of generator enclosures (metal cabinets) for power redundancy.
These are metal casings that include electric inputs and closures required for data center servers and equipment for the data power generation, automotive, automation, construction, emergency management & energy storage sectors.
AVL USA, INC and TOROMONT USA, INC. proposed project meets all the following grant guidelines for a 5-year Business Investment Grant, specifically:
· A taxable investment of $56,015,800 to be completed during the grant term.
· Creation of 326 new jobs with an average wage of $76,052 (which is equal to or greater than 100% of the average SOC codes for the jobs stated for the Charlotte-Gastonia-Rock Hill M.S.A.).
· There is competition for this project from Wamego, KS.
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 d...
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