Council hears public hearing on two related economic incentive requests for motorsports manufacturing project

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 revenue to the city projected “over $120,000” during the grant term.

Sam also presented the tenant side: Motorsport IP Acquisition Company LLC would use the site to design and test a power unit (engine) intended for Cadillac’s Formula 1 vehicle. The company anticipates personal property investment between $75 million and $85 million and plans initial operations in an existing GM facility in Concord at 4540 Fortune Avenue NW while the new building is constructed. Construction was described as anticipated to begin in the first quarter of 2025 with occupancy in the first quarter of 2027.

Panelists said the tenant expects to create 300 to 350 full-time jobs by 2028 with wages “well above our current county average wage.” The company is seeking a three-year, 85% tax-base grant for the projected personal property investment; the estimated grant for that term was presented as $655,988 to $743,453, with net revenue to the city during the grant term stated as “over $115,000.” Sam summarized the two linked requests as total projected investment between $140 million and $155 million across real and personal property.

Council members asked about local hiring preferences. Sam said hiring commitments were not a requirement of the grant and that the company “try to hire within the community within the region,” but added that highly skilled positions could attract workers from outside the region or state. When a council member referenced regional hiring shares, a council member said “70% are coming from our region” as an illustrative example; the transcript does not record a firm, enforceable local-hire commitment.

The public hearing was held pursuant to North Carolina General Statute 158-7.1. No final grant approvals or motions were recorded in the transcript excerpt; the item was presented for council consideration and questions.