Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Grant Twggm topic
No spam. Unsubscribe anytime.
Concord holds public hearing on proposed 3-year, 85% tax-base grant for TWG GM engine project
Summary
City of Concord officials on Monday held a public hearing on a proposed three-year, 85% tax-base economic development grant for TWG GM Performance Power Units LLC to support a manufacturing and research project in Concord.
City of Concord officials on Monday held a public hearing on a proposed three-year, 85% tax-base economic development grant for TWG GM Performance Power Units LLC to support a manufacturing and research project in Concord.
Sam, a Cabarrus Economic Development Corporation representative, told the council the company plans operations at two Concord sites — 7455 Valor Place NW on the Hendrick Campus and 4540 Fortune Avenue NW in International Business Park — to design and test engines intended to meet Formula 1 standards. Sam said the project would involve new manufacturing, research-and-development and information-technology equipment and the hiring of highly skilled employees.
The project’s projected real and personal property investment was presented as approximately $155,000,000. Sam said the company expects to create between about 300 and 350 new full-time jobs with average wages above the county average. Staff estimated the three-year grant would total roughly $1,000,153 and projected net revenue to the city during the grant term would be over $238,000. Sam said initial operations are anticipated to occur at an existing General Motors facility in Concord to accelerate the project timeline.
The presentation was delivered as a public hearing item; no motion, vote or final approval of the grant was recorded in the meeting transcript. Council members present were offered an opportunity to ask questions; no substantive questions or votes appear in the record.
If the council later approves the grant, the agreement would combine two earlier approvals from February into a single grant and revise ownership information, according to staff. Sam stated that combining approvals does not change the previously approved total investment or terms.
City staff did not present a timeline for final council action during the hearing. The item will return to the council for consideration in a subsequent meeting where a motion and vote would be recorded.
