CONCORD, N.C. — A Formula One team is set to build its engines in Concord after the city council unanimously approved providing up to $744,000 in tax reimbursements to Cadillac F1.
The project was approved unanimously, and a city council member said the project is a top-ten investment for the city.
The team will develop an engine factory at its future location on Defender Way.
The project will create 300 to 350 jobs with an average wage of $100,000 to $125,000 per year, city documents state.
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