The Concord City Council is weighing tax incentives for a $66 million FedEx distribution center and office that would employ more than 350 over the next five years.
The council, which plans a public hearing Thursday, is considering providing a three-year grant of up to 85 percent of real and personal property taxes to FedEx and the project’s developer, SunCap Property Group of Charlotte.
Under the proposal, SunCap would build a $39.5 million, 343,000-square-foot industrial-distribution building in the International Business Park at Fortune Avenue NW, according to the council’s meeting agenda packet. The facility would have $26.8 million in machinery and equipment.
FedEx, the Memphis, Tenn.-based shipping company, expects to hire 55 full-time and 309 part-time workers over five years, according to the agenda.
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FedEx already has a location within the Cabarrus County business park, which is off Interstate 85 near N.C. 73.
A FedEx spokesperson said the firm could not comment because the company is in a “quiet period” prior to its upcoming quarterly earnings release. SunCap also declined comment.
Council members will receive a presentation on the project at their Tuesday work session but won’t vote until after the Thursday public hearing. The meeting will be held at Concord’s new City Hall, 35 Cabarrus Ave. West.
Concord Mayor Scott Padgett said he’s excited for the jobs the project could bring and suspected the location’s proximity to I-85 was a major selling point for FedEx.
Another major company in shipping and distribution already has a facility in Concord: Amazon. The e-commerce giant operates a distribution center near Concord Regional Airport, west of Interstate 85, that employs about 360.