Over the course of the past calendar year, the Mecklenburg County Office of Economic Development (OED) has celebrated the announcement of eight Business Investment Program (BIP) grant projects, with the majority being expansions from existing companies growing in Mecklenburg County (six out of the eight).
Some of the companies who have decided to relocate or expand within Mecklenburg County include, the Albemarle Corporation, Bosch Rexroth, and HTL perma, USA.
These BIP grants are a reimbursement of incremental ad valorem property taxes (tax amount determined by multiplying the taxable value times the tax rate) paid as a result of a company’s investment. These grants are either 50% or 90% reimbursement for a term of 3 to 5 years for new companies moving to the Mecklenburg community, and between 5 to 7 years for existing companies.
New investment and job creation are a part of the County’s vision to provide sustainability through economic downturns, enhance economic mobility and opportunities for all residents, and support the stable tax base necessary to continue to deliver high quality services. Revenues from these new taxable investments currently help the County and the Board of Commissioners take proactive steps to continue to help attract and retain jobs and – in the future – help small and high growth companies thrive, help provide pathways for economic mobility and strengthen the resiliency of the local economy.
One of the many ways in achieving the goal of providing pathways for economic mobility is through the Business Attraction and Existing Industry programs. Led by Sr. Program Managers Shahid Rana and Clay Andrews, the two respective programs have seen quite the activity in business growth coming out of the pandemic.
On average, 70% or more of a community’s economic growth as measured in jobs and local gross domestic product comes from existing businesses. This percentage has been consistent with the request for real estate and request for proposals the office has seen and responded to over the past year. Results leading from these responses have led to over $290 million in estimated new capital investment in Mecklenburg County that will span over the next three to four years.
In addition to the new capital investment, OED staff has worked to facilitate the growth of an estimated 540+ new jobs from the BIP program while also retaining more than 525 jobs that were previously at risk from relocating to other communities outside of Mecklenburg County (and outside of North Carolina).
“We’re excited that new capital investments are being made in our community that will generate more tax revenue to help support the programs the County offers to its residents,” said Shahid Rana, Sr. Business Attraction program manager.
Stats from 2022
- Total Announced BIP Projects: 8 (Eight); Attraction 2, Retention 6
- Estimated BIP Grant Award Total: $7.5m (Payments over 7 years)
- Estimated Capital Investment 2022 BIP Total: $290,000,000+
- Estimated New Jobs: 540 ($75,000 average wage)
- Estimated Retained Jobs: 525
Office of Economic Development
The mission of the Mecklenburg County Office of Economic Development is to provide resources to the business community with the purpose of attracting, retaining, and expanding employment opportunities for County residents. We strive to stimulate the local economy and expand the local sales and property tax base, while maintaining a positive balance between growth, social equity and the economy.