The Charlotte City Council on Monday approved incentives packages for three corporate relocations or expansions, including the Atlantic Coast Conference's headquarters relocation from Greensboro.
The tax breaks — which consist of property tax breaks — total more than $1.8 million and will support more than 100 new jobs. Here's a breakdown on what city leaders approved:
- Bosch Rexroth, a manufacturer whose U.S. headquarters are located in Charlotte, will receive $959,426 over seven years from the city. The company will retain its location in Charlotte and add a customer service and account operations center, creating an additional 24 jobs. The company's new jobs will pay an average wage of $67,016, and Bosch Rexroth will invest $48 million. Mecklenburg County and the state of North Carolina are also giving Bosch Rexroth almost $2 million in incentives.
- Solve Industrial Motion will receive $725,981 over seven years. The manufacturer will expand its Charlotte facilities with a new distribution center and headquarters, and add 60 jobs paying an average wage of $74,500. Solve says it will invest $34.9 million. The county and state are giving Solve an additional $575,872 worth of tax breaks.
- The ACC's headquarters move from Greensboro to uptown Charlotte next year will net the athletic conference a tax break worth just under $41,000 from the city. The county is giving the ACC a nearly identical amount. The ACC says it will bring 50 jobs paying an average wage of $95,000 and invest $4.9 million in its new headquarters.