Title:
Business Investment Grant: Kurz Transfer Products
Summary
ACTION:
1. Open public hearing to receive comments on a proposed Business Investment Program grant to Kurz Transfer Products (Kurz)
2. Close public hearing
3. Adopt a resolution approving a Business Investment Program grant to Kurz for a total estimated amount of $337,796 and authorize the County Manager to negotiate and execute necessary contracts
Staff Contact: Peter Zeiler, Director, Economic Development
Presentation: Yes
BACKGROUND/JUSTIFICATION:
Kurz Transfer Products is a subsidiary of Leonhard Kurz Stiftung & Co. KG, a global leader in hot stamping foils, cold stamping printing, in-mold decoration and transfer substrates.
Kurz Transfer Products North American Headquarters is in north Charlotte off of Starita Road where it houses corporate, sales, manufacturing and production operations and employs 94 people.
Kurz products are found in most day to day items including holographic foils in currencies for more than 100 nations, credit cards, and passports. A growing segment of Kurz products is interior and exterior automotive finishes.
Kurz Transfer Products is growing in to new makets and seeks to establish a larger North American headquarters building that can accommodate immediate and long term production growth needs.
Kurtz’s proposed project meets all the following Business Investment Program guidelines for a five-year grant, specifically:
- A taxable investment of $18,475,000 to be completed in the next five years.
- Creation of 90 new jobs with an average wage of $60,000 (which is equal to 106% of the average for the Charlotte-Gastonia-Rock Hill M.S.A.).
- There is competition for this project from Fort Mill, South Carolina.
- The existing 94 positions at the Headquarters on Starita Road are at risk of being relocated to another state if Mecklenburg is not the chosen regional headquarters site.
The Business Investment Program grant is a 50% grant over 5 ye...
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