May 9, 2006

MECKLENBURG COUNTY INTRODUCES GUIDELINE FOR ECONOMIC DEVELOPMENT INCENTIVES

Charlotte, NC — Mecklenburg County has developed a tool to help gauge the return on proposed business investment grants. It’s a chart (attached) that allows County staff – and the Board of County Commissioners – to view at a glance the break-even point for Mecklenburg County, based on three criteria:

1. Number of jobs created
2. The estimated average annual salary of jobs generated
3. The minimum investment by a business
 
The Business Investment Program is a joint City/County program that provides grants to companies based upon the amount of property tax generated by the business investment being made. The program seeks to encourage the creation, retention and/or expansion of new or existing businesses and jobs in identified investment zones within the community.

Companies from certain business growth clusters that are relocating or expanding may be eligible for a grant. Target business growth clusters include: manufacturing, corporate headquarters, transportation and distribution (logistics), emerging technologies and industries, financial, insurance, and professional services.

The guideline enables one to calculate at a glance the minimum investment necessary, based on the number of jobs proposed and the minimum salary of those jobs. It also helps to determine whether a grant will have a positive or negative impact on County services such as schools, parks, libraries, social services, etc.

Please note, these guidelines are not designed to make the final determination on the merits of a business investment grant candidate. In fact, the Mecklenburg Board of County Commissioners and the Charlotte City Council carefully evaluate these guidelines and other criteria when making grant funding decisions.

More information on the City/County business investment program is available here.