TO: Mayor and Members of City Council
THRU: Douglas J. Hewett, City Manager ICMA-CM
FROM: Robert M. VanGeons, CEcD, Fayetteville Cumberland Economic
Development Corporation (FCEDC)
Cynthia Blot, Economic & Community Development Director
DATE: June 11, 2018
RE:
Title
June 11, 2018 Public Hearing & Consideration of Incentives for Project Intelligence
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal 2: Diverse and Viable Economy
Executive Summary:
The City Council is required to set a public hearing to consider incentives for Project Intelligence. If we are successful in securing this project, the company would retain 40 existing jobs through December 31, 2022 and create 178 new jobs by December 31, 2020, with 208 jobs projected by 2023.
The company offers a competitive average annual salary of $64,300, as well as a comprehensive benefits package. The company would make a significant investment in real estate and equipment of approximately $1,200,000, with projected future investment to exceed $5,000,000.
Fayetteville Cumberland Economic Development Corporation (FCEDC) is requesting that the City of Fayetteville consider a local incentive grant, not to exceed $89,000 and to be paid based on successful job creation.
Background:
This is an existing company in Fayetteville that specializes in management consulting and engineering services. The expanded operations would initially be located in an existing building.
In addition to requesting assistance from the City, FCEDC is working with Cumberland County and the State of North Carolina. At their June 4th meeting, the Cumberland County Commissioners approved their incentive offer. The State of North Carolina is currently considering the project for possible financial support. The company will not make a final decision until this process is completed. As required, public notice for this hearing was publi...
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