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Open a Public Hearing and Consider Authorizing an Incentive Agreement for Well Dot, Inc.
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Staff:
Department:
Dwight Bassett, Economic Development Manager
Economic Development/Manager's Office
Overview: The Town of Chapel Hill partnered with the State of North Carolina to provide an incentive package for Well Dot, Inc. to create a location in downtown Chapel Hill.
Well is a health technology company that provides a consumer engagement platform that helps individuals navigate and improve their health. Well's concierge health team and digital experiences provide on-demand support to members for their health needs, while proactively surfacing personalized health insights
Orange County is offering for Well Dot, Inc. to lease the County buildings on West Franklin and potentially offering an incentive. Well may acquire the building in the future.
Recommendation(s):
That the Council authorize the Town Manager to sign the attached agreement to provide an incentive to Well Dot, Inc.
Decision Points:
* Support a $900,000 incentive to Well Dot, Inc., in combination of parking and cash awards.
Key Issues:
* Well Dot, Inc. agreed to locate in Chapel Hill and create 400 new jobs with an average annual salary of $75,000.
* They are building an urban campus of multiple buildings to operate.
* This is a significant opportunity for our downtown businesses to capture new income and to expand their non-university base.
* This incentive follows the adopted Incentive Guidelines in support of a specific company type and in job creation.( https://www.open2.biz/s/Adopted-ED-Guidelines-Chapel-Hill-February2018.pdf )
Fiscal Impact/Resources: $450,000 in cash grants payable beginning in budget year 2022 years and a Town parking credit of $56,000 per year for eight years.
Where is this item in its process?
Attachments:
* Resolution
* Draft Staff Presentation
* Well Dot, Inc. Incentive Agreement
A RESOLUTION AUTH...
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