Title
Business Location and Expansion - CITIGROUP TECHNOLOGY INC.
Action
ACTION:
1) Open public hearing to receive comments on a proposed Business Investment Program grant to CITIGROUP TECHNOLOGY INC.
2) Close public hearing
3) Adopt a resolution approving a 5-year, 50% Business Investment Program grant to CITIGROUP TECHNOLOGY INC. for a not-to-exceed amount of $185,341. 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:
CITIGROUP TECHNOLOGY INC. is a subsidiary of Citigroup, Inc., a major multinational banking and financial services company headquartered in New York City. CITIGROUP TECHNOLOGY INC. is focused on providing global technology services for the company's internal business groups. The company is evaluating designating a new “hub” location in which to expand its technology development and related operations to satisfy the demands of the company’s growth.
CITIGROUP TECHNOLOGY, INC. proposed project meets all the following grant guidelines for a 5-year Business Investment Grant (BIP), specifically:
· A taxable investment of $16,100,000 to be completed during the Business Investment Grant Term.
· Creation of 510 new jobs with an average wage of $133,441 (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 Jacksonville, FL.
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 indi...
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