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File #: 18-4637    Version: 3 Name: Public Hearing - Business Location and Expansion - Ernst & Young, LLP
Type: Public Hearing Status: Public Hearing
File created: 4/5/2018 In control: Economic Development
On agenda: 4/17/2018 Final action:
Title: : Public Hearing - Business Investment Grant: Ernst & Young US, LLP
Attachments: 1. 18-4637 BIP Grant Presentation PHrg.docx.pdf, 2. 18-04-17 - Open Session - Resolution - Project Wave.pdf, 3. 18-4637 BIP Public Hrg Notice - Ad.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Title:
Public Hearing - Business Investment Grant: Ernst & Young US, LLP

Summary
ACTION:
1) Open public hearing to receive comments on a proposed Business Investment Program grant to Ernst & Young US, LLP [EY-US]
2) Close public hearing
3) Adopt a resolution approving a Business Investment Program grant to [EY-US] for a total estimated amount of $146,173 and authorize the County Manager to
negotiate and execute the contract

Staff Contact: Peter Zeiler, Director, Economic Development


Presentation: Yes


BACKGROUND/JUSTIFICATION:
Ernst & Young US, LLP [EY-US] is a subsidiary of E & Y, an international professional services firm headquartered in London, England and is one of the “Big Four” accounting firms. EY-US has over 231,000 employees in 700 offices in 150 countries. EY-US has 71,000 employees, including 872 employees in its Uptown Charlotte location.

E& Y is establishing a global network of a limited number of innovation centers [WaveSpaces] that will provide cross discipline intelligence and experience, to focus on helping clients meet disruptive technologies head on, including:
• Artificial intelligence
• Robotics Process Automation
• Blockchain
• Data analytics
• Digital Customer Experience

The 15 existing WaveSpaces serve large geographic regions and generate significant client travel. The proposed WaveSpace center will be the fifth in the U.S. and will serve as a regional Southeast Financial Services and National Energy Innovation Wavespace Hub. Core employee disciplines will include: Forensic investigation; Disputes data analytics; Digital development; Robotics. EY-US proposed project meets all the following Business Investment Program guidelines for a five-year grant, specifically:

- A taxable investment of $8,200,000 to be completed in the next Five years.
- Creation of 375 new jobs with an average wage of $84,414 (which is equal to 170% of the average for the
Charlotte-Gastonia-Rock Hill M.S.A.).
- ...

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