Council approves four business investment grants totaling multi‑million dollars
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Summary
Council approved business investment grants for Meritage Agency ($269,435 over 8 years), Pacific Life ($170,695 over 6 years), Scout Motors ($7,285,518 over 15 years) and SoFi Technology ($40,615 over 7 years); council members highlighted anticipated jobs and economic development benefits during the votes.
On Feb. 9 Charlotte City Council approved four separate business investment grants after short public hearings and staff presentations.
- Meritage Agency: Approved a business investment grant not to exceed $269,435 over eight years. (Action moved, seconded and adopted.)
- Pacific Life Insurance Company: Council approved a grant not to exceed $170,695 over six years; councilmembers welcomed Pacific Life’s first Southeast venture and cited anticipated high‑paying jobs in South End and District 1.
- Scout Motors: Council approved a grant not to exceed $7,285,518 over 15 years for Scout Motors’ Plaza Midwood location and related regional manufacturing investment; councilmembers highlighted expected job creation and neighborhood investment.
- SoFi Technology and subsidiaries: Council approved a grant not to exceed $40,615 over seven years; one councilmember recorded an opposed vote during the final tally.
Staff said the grants were brought after committee review and public hearing; councilmembers used the votes to emphasize workforce and neighborhood benefits. Each grant is subject to the specific terms and performance commitments in the associated agreements.
Next step: staff to finalize grant agreements and oversee compliance with job and investment commitments.