Title
Public Hearing - Business Location and Expansion - DetraPel, Inc.
Action
ACTION:
1) Open public hearing to receive comments on a proposed Business Investment Program grant to DetraPel, Inc.
2) Close public hearing
3) Adopt a resolution to approve a 3-year, 50% Business Investment Program Grant to DetraPel, Inc., for an amount not to exceed $34,536 and to authorize the County Manager to negotiate and execute the contract
Staff Contact: Shahid Rana, Deputy Director, Economic Development
Presentation: Yes
BACKGROUND/JUSTIFICATION:
DetraPel, Inc., is a clean-tech advanced materials company established in 2013 and based in Framingham, MA. The company specializes in creating PFAS-free protective coatings.
Their innovation focuses on synthesizing and manufacturing stain repellents applicable to various sectors, including footwear, apparel, consumer and commercial textiles, industrial paper and food packaging, healthcare, technical textiles, and electronics.
Currently, they are considering the development of a 40,000 square foot facility in Charlotte to serve as a research and development center. This new site is planned to include cleanrooms, manufacturing, and warehouse spaces, enhancing their capabilities in producing advanced materials.
The proposed project meets all the following grant guidelines for a 3-year Business Investment Program Grant, specifically:
· A taxable investment of $3,500,000 to be completed in the next three years.
· Creation of 35 new jobs with an average wage of $71,794 (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 Fort Mill, SC.
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 3 years of the end of the grant term.
· Actual grant payments are based on the va...
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