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File #: 18-4937    Version: 1 Name: Business Investment Grant: Yokohama Corporation of North America
Type: Public Hearing Status: Public Hearing
File created: 9/14/2018 In control: Economic Development
On agenda: 10/2/2018 Final action:
Title: : Business Investment Grant: Yokohama Corporation of North America
Attachments: 1. Yokohama Presentation.pdf, 2. Resolution - Yokohama.pdf, 3. Public Hearing Notice - Yokohama.pdf, 4. 18-10-02 - Public Hearing - OrderConf.pdf, 5. Open Session - 18-10-02 - Public Hearing - Affidavit.pdf, 6. BIP Yokohama 2018 Affidavit of Publication.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Title:
Business Investment Grant: Yokohama Corporation of North America

Summary
ACTION:
1) Open public hearing to receive comments on a proposed Business Investment Program grant to Yokohama Corporation of North America (Yokohama)

2) Close public hearing; and

3) Adopt a resolution approving a Business Investment Program grant to Yokohama for a total estimated amount of $106,877 and authorize the County Manager to
negotiate and execute the contract


Staff Contact: Peter Zeiler, Director, Economic Development


Presentation: Yes


BACKGROUND/JUSTIFICATION:
Yokohama is a Japanese tire manufacturer currently celebrating its 100th anniversary with annual sales in excess of $5.5 billion. Yokohama products are available across all market segments such as SUVs, light vehicles and commercial trucks. Yokohama’s North American Headquarters is in Santa Ana, California and the company has major manufacturing plants in West Point, Mississippi and Salem, Virginia.

Yokohama is seeking to establish a North American Technical Center to guide development and industrialization of North American and international tire products.
• The site would consist of:
• 10,000 square feet of office
• 15,000 square feet of lab and testing space
• Staffing lines will include:
• Engineering and development
• Testing and analysis
• Clerical
• Yokohama currently has 15 staff located in Mecklenburg County that would transfer to the final location chosen by Yokohama.

Yokohama’s proposed project meets all the following Business Investment Program guidelines for a five-year grant, specifically:

- A taxable investment of $3.85 million to be completed in the next three years.
- Creation of 45 new jobs with an average wage of $86,000.
- There is competition for this project from Greenville South Carolina and Stow, Ohio.
- Expansion of an existing operation in Mecklenburg County.

The Business Investment Program grant is a 50% grant over 5 years, with an estimated to...

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