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Council Hears Requests for Tax-Base Grants from Custom Flavors and Hendrick-Linked Developer
Summary
At a public hearing, city staff and Cabarrus County economic partners presented two proposed property- and job-focused incentive packages: a three-year 50% tax-based grant for Custom Flavors and a one-year 85% grant tied to a future advanced manufacturing building adjacent to Hendrick Motorsports.
Concord heard public-hearing presentations on two economic-incentive requests that would reduce property tax revenue in exchange for local investment and job creation.
Sam, a presenter with Cabarrus County CDC, described Project Wildcat — Custom Ingredients Incorporated (doing business as Custom Flavors) — proposing a location at 7955 West Winds Boulevard in Concord. Sam said the company, a California-headquartered flavor developer, plans to invest about $7,750,000 in real and personal property during the first three years and to create 42 full-time jobs, including food scientists, production operators and quality-control positions. The company is requesting a three-year, 50% tax-based economic development grant; staff’s estimated grant amount for the three-year term is $34,078, with net revenue to the city during the grant term also listed as about $34,000.
Sam also presented a second incentive request from HSREI LLC, a project tied to Hendrick Motorsports: a proposed 260,000-square-foot advanced manufacturing building on 27 acres adjacent to the Hendrick campus at 4295 Defender Way. The developer estimates a $35,000,000 investment in real and personal property and is requesting a one-year, 85% tax-based grant. Staff’s estimated grant for that one-year term is $124,950; the presentation listed net revenue to the city during that grant term as about $22,000. Sam told council a Hendrick representative would attend Thursday’s meeting to answer further questions.
Neither request was decided in the session; both were presented during the statutorily required public-hearing portion of the agenda for council consideration. Staff answered preliminary questions and said more detailed review and a council decision would follow the public hearing process.
The presentations included addresses, projected investments, estimated job counts and the staff-calculated grant and net-revenue figures that council will use when it takes action.
A council vote on either grant was not recorded in the meeting transcript.
