Subsidy Tracker Individual Entry

Company: 
Lowe's Companies, Inc.
Parent Company: 
Lowe's
Subsidy Source: 
multiple
Location: 
North Carolina
City: 
Charlotte
County: 
Mecklenburg
Project Description: 

global technology hub

Year: 
2019
Major Industry of Parent: 
retailing
Specific Industry of Parent: 
retail-home improvement
Subsidy Value: 
$72,322,630
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
1,612
Wage Data: 
$117,972
Wage Data Type: 
Target Average Annual Wage
Capital Investment: 
$153,885,328
Source of Data: 

State subsidies, jobs commitment, investment and wages: One North Carolina Fund Quarterly Report to the Joint Legislative Commission on Governmental Operations, March 31, 2020 https://files.nc.gov/nccommerce/documents/Policymaker-Reports/Gov-Ops-20... Job Development Investment Grant, 2019 Annual Report https://files.nc.gov/nccommerce/documents/Policymaker-Reports/2019-JDIG-.... Charlotte subsidy: Minutes of a Special Meeting/Business Meeting of City of Charlotte City Council, July 22, 2019 https://charlottenc.gov/CityClerk/Minutes/July%2022,%202019.pdf. Mecklenburg County subsidy: Economic Development FY2020 Annual Report https://www.mecknc.gov/edo/Documents/EconomicDevelopmentReport.pdf

Notes: 

In exchange for building a technology hub, Charlotte, Mecklenburg County, and state of North Carolina offered Lowe's Corporation a subsidy package that included: $54,090,750 over 10-years from the state JDIG program; a $2 million grant from the state OneNC fund; $6,031,880 over 10 years from the city's Business Investment Grants; and up to $10.2 million from the county's Business Investment Program Grants. Overlap with main subsidy tracker data: a 2019 JDIG award for $54 million and 2019 One NC awards for $2 million.

Source Notes: 
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