CHARLOTTE — The Mecklenburg Board of County Commissioners rounded out an $18.8 million incentives agreement with The Capital Group Cos. Inc. on June 16 with approval of a three-year property tax rebate.
Commissioners unanimously supported incentives worth up to $634,000, based on a rebate rate of 50% of additional property tax revenue generated from Capital Group’s real estate and office investment. On June 11, Charlotte City Council approved a five-year, 90% property tax rebate worth as much as $1 million. The rest of the incentives package — totaling $17.2 million — will come from the N.C. Department of Commerce over 12 years as part of a job development grant. The job grants rebate a portion of additional income tax generated by new jobs.
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