CABARRUS COUNTY, N.C. — Hendrick Motorsports is planning a $15 million expansion on its Cabarrus County campus to expand its advanced manufacturing services. The project will preserve 75 existing jobs and create 50 more over the next three years.
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Cabarrus County and the city of Concord have approved a combined $450,000 in incentives for Hendrick, equal to 85% of the additional tax revenue projected during the first three years it’s open. The local governments estimate the advanced manufacturing center will generate $1 million in tax revenue during over 10 years.
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According to Cabarrus County, the new jobs will pay an average salary of $62,000 with $17,000 in incentives and benefits. The county grant is for $273,000 and the city’s is $177,000.
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