CONCORD, N.C. — Concord City leaders approved a one-year tax incentive Thursday that will allow Hendrick Motorsports to build a new $23.7 million manufacturing facility on its sprawling campus in Cabarrus County.
The proposed facility would be built along Hendrick Auto Plaza Northwest in Concord, next to Hendrick's Kia and Volkswagen car dealerships.
Concord City Council held a public hearing to discuss granting tax incentives to HRSEI, LLC., which is associated when Hendrick's company. The plans call for a 269,500-square-foot advanced manufacturing facility that will attract a "premier" manufacturing tenant.
The total investment for the 30-acre property would be $23.7 million. If city council approves the tax incentive, the city of Concord would still collect a one-year net revenue of $17,064. The total value of the one-year grant is estimated to equal $96,696, depending on the actual investment.
Concord is experiencing a business boom as companies pour in to expand and attract investment. That's been the story for Hendrick Motorsports as they enlarge their footprint in Cabarrus County.
This is the second such project just this year for the company. Mayor Bill Dusch said Concord provides a sprawling area for companies to set down roots and grow.
"We have 64 square miles which gives us a lot of room but we have the responsibility to use it well," Dusch said.
In January, Hendrick announced they would add 50 new advanced manufacturing jobs while expanding existing operations. They ventured to build a 155,000-square-foot facility on the company's existing campus in Concord.
"We've had close to $3 billion in investment into our community with 2,500 jobs all paying higher than the county average," Dusch said.
They mayor says Hendrick, like other companies that have settled in Cabarrus County, are looking for the space and proper incentives to grow.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
Details on the new manufacturing facility are limited. WCNC Charlotte reached out to Hendrick Motorsports for more information but has not yet heard back.
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