Cadillac F1 operation approved for incentives in Concord

CONCORD, N.C. — Incentives have been approved for a major motorsports project in Concord.

Concord City Council last night approved a grant for Motorsport IP Acquisition Co. I LLC, which is affiliated with Cadillac’s new Formula One team. The entity is proposing a $75 million to $85 million investment in personal property “to develop a site to support the development of the power unit (engine) for the Cadillac F1 vehicle,” city records show.

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The site is part of Hendrick Motorsports’ land holdings planned for advanced manufacturing facilities.

Read more here.

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