Title:
REVISED: Business Investment Grant: LendingTree, LLC
Summary
ACTION:
1) Open public hearing to receive comments on a proposed Business Investment Program grant to LendingTree, LLC.
2) Close public hearing
3) Adopt a resolution approving a Business Investment Program grant to LendingTree, LLC for a total estimated amount of $686,878 and authorize the County Manager to negotiate and execute the contract
Staff Contact: Peter Zeiler, Director, Economic Development Office
Presentation: Yes
BACKGROUND/JUSTIFICATION:
LendingTree, LLC is an online marketplace with one of the largest networks of lenders for home mortgages, credit cards, and business, automobile, personal and student loans.
LendingTree was founded in Mecklenburg County in 1996 and has experienced recent, rapid growth resulting in the business need for a new corporate headquarters facility.
LendingTree has announced its intent to locate in Charlotte in leased office space. LendingTree also considered expanding headquarters locations in York County, South Carolina.
LendingTree’s proposed headquarters project meets all the following grant guidelines for a seven-year, 50% Business Investment Grant, specifically:
- A taxable investment of $26,180,000 including real and personal property
- Creation of 436 new jobs with an average wage of $101,140 (which is equal to 200% of the average for the Charlotte-Gastonia-Rock Hill M.S.A.).
- There is competition for this project from South Carolina.
The general terms and condition of this grant include:
- A portion of the grant must be repaid if the company moves this investment from Charlotte within 7 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 indicated its intent to approve this grant in a closed session on December 4, 2018.
The Charlotte City Council approved the City's share of the grant at its June 10, 2019 regular business meeting.
The State of North Carolina approved a Job Development Investment Grant of $8,370,000 at its December 6, 2018 meeting.
FUNDING:
Business Investment Grant Account; first payment is estimated to be paid in FY22
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
N/A