CHARLOTTE, N.C. — It was a big win for Charlotte when the Atlantic Coast Conference, or ACC, decided to move its headquarters from Greensboro to the Queen City.
Regional partners were up against other major U.S. cities like Orlando, Washington D.C. and New York City. State, county and city leaders have said the investments they are making in bringing the ACC here will be a big boost for business in the area.
Wednesday night, the Mecklenburg County Commission took a closer look at the business investment program grant they’ve offered, unanimously approving the grant.
It’s essentially a formalization of what the county has already promised the ACC in terms of grant money. Mecklenburg County and the City of Charlotte will each contribute $40,000. The state is offering $15 million to keep the ACC from leaving North Carolina.
“This is the kind of advertising you can’t buy,” County Commissioner Pat Cotham said.
Wednesday, Mecklenburg County Commissioners discussed and voted to approve the business investment program grant they’ve already promised the ACC. It’s $40,000 over three years, the same amount already approved by the City of Charlotte.
These types of incentives are one tool county leaders can use to attract and retain businesses.
“They use the tax dollars as an incentive to encourage the companies to come to offset operating costs or other costs," Gretchen Carson, the Director of Business Recruitment with the Charlotte Regional Business Alliance said. "Typically, what you see is that they’re used at either the state or local level and they often require a closed session review and a public hearing approval of these tax dollars that are being used."
The hope is having the ACC in town will bolster the region’s reputation as a destination, bringing in even more business.
“It’s full circle,” Carson said. “It’s an ecosystem so it’s important for the county and the city as far as tourism and the tax revenues that’s generated there that comes back to the county.”
By bringing the headquarters to Charlotte, the ACC will make a $5 million capital investment in its new facilities and bring at least 50 jobs to start.
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