Mecklenburg County Business Attraction Grant
Mecklenburg County Business Attraction Grant
Mecklenburg County
ABOUT THE GRANT
The Mecklenburg County Business Investment Grant provides qualifying companies relocating to or expanding within Mecklenburg County, North Carolina with a partial refund of the new ad valorem property taxes generated by their project. Administered by the Mecklenburg County Office of Economic Development (OED) in collaboration with the City of Charlotte's Business Recruitment and Expansion team and the Economic Development Partnership of North Carolina, the program is designed to attract significant new investment and job creation to the county.
To qualify, a company must commit to bringing at least 20 new jobs and a minimum of $3 million in capital investment to Mecklenburg County. Grant terms — including the percentage of taxes refunded (typically 50% to 90%) and the length of the reimbursement period (generally three to seven years, with existing local companies eligible for extended terms) — are determined based on the number of jobs created, the size of the capital investment, average annual wages, the project's geographic location within the county, and whether the company falls within one of the area's identified target industries. The grant is structured as a reimbursement, meaning the company first pays its full property tax bill and is then refunded a portion of the incremental taxes generated by the new investment.
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NOTES
We haven't added commentary on this grant yet. In the meantime, the fundor's website (linkeded above) is the best source for application details and eligibility specifics.
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