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Council hears public hearing on two related economic incentive requests for motorsports manufacturing project
Summary
Concord City Council held a public hearing on linked incentive requests for HSREI LLC and Motorsport IP Acquisition Company LLC to develop a large advanced-manufacturing facility and install a Formula 1 power-unit operation on Defender Way.
Concord City Council held a public hearing on two linked economic incentive requests for a proposed advanced-manufacturing project on Defender Way dubbed “Project Toolbox.”
Sam from Cabarrus County CDC told council that HSREI LLC proposes to develop a 204,045-square-foot industrial building at 4295 Defender Way adjacent to Hendrick Motorsports, on roughly 10 acres, with estimated real property investment of $65 million to $70 million. HSREI is requesting consideration of a three-year, 85% tax-base economic development grant; the estimated grant range was presented as $696,150 to $749,700, with net…
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