CONCORD, N.C. — A new Formula 1 team is targeting Concord for a significant piece of its operations.
At its meeting on Feb. 13, Concord City Council is set to consider incentives for a project proposed by Motorsport IP Acquisition Co. I LLC. The entity behind the project “proposes to develop a site to support the development of the power unit (engine) for the Cadillac F1 vehicle,” city records show.
The project calls for an investment between $75 million and $85 million in personal property to establish a facility at 4295 Defender Way. The site is part of Hendrick Motorsports’ land holdings planned for advanced manufacturing facilities.
The proposed project would create 300 to 350 jobs with an average wage of $100,000 to $125,000 per year, city documents state.
Continue reading on CBJ’s website here.
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