Concord considering incentives for $67 million FedEx project
CONCORD — SunCap Charlotte, LLC is requesting an incentive grant that would reimburse the company up to 85 percent of their tax base over three years in order to develop a $39.5 million speculative industrial/distribution building in Concord.
The company is working with FedEx Ground Package System, which looks to occupy the spec building, and is also requesting an incentive grant that would reimburse FedEx up to 85 percent of their base over the next three years for personal property, machinery and equipment valued at $26.8 million.
If approved by the Concord City Council, both companies would pay their taxes into the City of Concord, and then file paperwork to be reimbursed up to 85 percent of their taxes, with the city netting about 15 percent of the tax base over the next three years.
The proposed grants will be discussed during the Concord City Council’s work session at 4 p.m. Tuesday at 35 Cabarrus Ave. W, Concord. No action will be taken at the work session, with council members voting on agenda items at their meeting 6 p.m. Thursday at 35 Cabarrus Ave. W, Concord.
If approved, the speculative building would be located on Fortune Ave NW in the International Business Park on lots 17, 18 and 19. The building is expected to be 343,000 square feet.
FedEx looks to occupy the building and the company projects hiring 55 full-time employees and 309 part-time employees within five years of completion, according to the agenda packet for the Thursday’s meeting.