CONCORD, N.C. — Concord leaders are looking at revising existing investment agreements with two beverage companies that plan to break ground on a billion-dollar project that will bring hundreds of jobs to the area.
Red Bull and Rauch have agreed with Concord to build a new manufacturing and distribution facility on the site of the former Philip Morris plant. The project originally was valued at just more than a billion dollars of investment between the businesses, but recently Red Bull and Rauch have upped their overall investments in the project. This has raised the total amount of the project to about one point five billion dollars. Now the city is also looking at revising its incentives agreement to accommodate the companies' increased investments, by increasing its incentive package.
Sitting just north of Charlotte, Concord has always benefited from its location. Over the years that has meant growth as many people who work in the queen city live in Cabarrus County, but Concord doesn’t want to just rely on Charlotte for its growth. That’s why city leaders continue to look at ways to lure industry here.
"We depend on Charlotte for a lot of our development that goes on in the city but more than that, we don't want to just be a bedroom city to Charlotte we want to create jobs for our citizens," Lloyd Wm. Payne, Jr. Concord's City Manager, said.
The project is expected to break ground next year and should be completed within four years.
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