Charlotte

Bank of America expanding into Colorado, Minnesota

January 26, 2015

(The Charlotte Observer)

Bank of America held a grand opening for its first branch in Colorado, the first new market the bank has entered since 2003. The Charlotte-based bank also plans to open its first branch in Minnesota in the second quarter.

Family Dollar shareholders approve sale to Dollar Tree

January 23, 2015

Family Dollar Stores Inc. shareholders voted Thursday to approve the sale of the Matthews-based discount retailer to Chesapeake, Va.-based Dollar Tree Inc.
Related: Next for Family Dollar: Completing the deal

Cannon indicted on voter fraud

February 4, 2015

(The Charlotte Observer)

Former Charlotte Mayor Patrick Cannon was indicted this week on a charge related to an illegal vote he cast at an early voting site in last year's election. Cannon is serving a 44-month sentence at a West Virginia federal prison for a accepting bribes from FBI undercover agents.

Charlotte distribution center sells for $52M

January 23, 2015

(The Charlotte Observer)

The 1.1-million-square-foot Logistics Pointe distribution center in southwest Charlotte has sold for more than $52 million. A joint venture of LRC Opportunity Fund and New York Life Real Estate Investors bought the complex, which was once occupied by grocer Winn-Dixie before it declared bankruptcy.

Chiquita says leaving Charlotte will cost up to $40 million

January 22, 2015

(The Charlotte Observer)

Chiquita Brands International said exiting Charlotte will cost it $25 million to $40 million, including employee severance and relocation expenses and breaking its lease, which runs through 2025. The produce company also will refund about $2 million in state and local incentives. Closing its headquarters will take between 12 and 18 months, Chiquita said in a securities filing.

Indian drug-maker mulls Monroe plant expansion

January 22, 2015

(The Charlotte Observer)

Glenmark Pharmaceuticals is considering a $9.5 million expansion of its new Monroe plant, which isn't scheduled to begin production until April. The Mumbai, India-based company announced in July it would invest $17 million in the manufacturing plant, where it will make generic drugs. Union County and Monroe unanimously approved incentives for the expansion.

Toshiba names new leader for Charlotte-based business

January 22, 2015

(The Charlotte Observer)

Toshiba named Ali Azad president and CEO of Charlotte-based Toshiba America Energy Systems, which was formed as part of a corporate reorganization and combines three of the Japanese company's existing businesses. Azad was president of Massachusetts-based BHI Energy. The new company will employ about 500 people.

Duke Energy's sale of Midwestern power plants delayed

January 21, 2015

(The Charlotte Observer)

Duke Energy's $2.8 billion sale of 10 Midwestern power plants to Houston-based Dynegy has been delayed after a federal agency asked for a more detailed economic analysis of the deal. The sale was expected to close by February, but the companies no longer expect to complete the deal before the end of the first quarter, Duke said in a securities filing. 

Grant Thornton name's Charlotte's Moore CFO

January 21, 2015

(The Charlotte Observer)

Grant Thornton named Billy Moore chief financial officer, effective Aug. 1. Moore, 62, is the professional standards partner for the Chicago-based accounting firm's Carolinas practice. Like Grant Thornton CEO Mike McGuire, Moore is based in Charlotte.

Loss of business tax squeezes Charlotte's budget

February 2, 2015

(The Charlotte Observer)

The state General Assembly's repeal of the Business Privilege License tax will cost Charlotte $18.1 million in revenue for the year ahead, while the city faces a $16 million budget shortfall. Charlotte City Council said it won't raise property taxes for 2015, but it could suspend pay raises for city employees.

Charlotte City Council paves way for Cotswold Publix

January 21, 2015

(The Charlotte Observer)

Charlotte City Council approved a rezoning request to allow for the construction of a Publix grocery store in the Cotswold neighborhood. The developer will tear down an existing building on Randolph Road and build the new store directly across the street from an existing Harris Teeter. The council also approved a 194-unit apartment complex with 15,000 square feet of retail in Charlotte's Ballantyne area.

Citizens group seeks to halt I-77 toll lanes

January 20, 2015

(The Charlotte Observer)

A group called Widen I-77 plans to file a legal complaint Tuesday attempting to stop construction of toll lanes on Interstate-77 north of Charlotte. The N.C. DOT chose Spanish infrastructure company Cintra to build toll lanes from Charlotte's Brookshire Freeway to Exit 36 in Mooresville. Cintra will pay most of the costs of the $655 million project and will collect most of the toll revenue over 50 years.

BofA says 800,000 customers enrolled in Apple Pay

January 20, 2015

(The Charlotte Observer)

Charlotte-based Bank of America said about 800,000 of its customers − about 5% of its 17 million mobile users − signed up for Apple Pay during the first three months the service was available.

Economist: High-tech manufacturing jobs needed

January 19, 2015

(The Salisbury Post)

Economist and Associate Professor Eric Hake, who teaches at Catawba College, says the economy needs to grow more quickly and that rural areas, including Rowan County, should focus on recruiting high-tech manufacturing jobs.

40-acre solar farm proposed for Lincoln County

January 19, 2015

(The Charlotte Observer)

A public hearing will be held Feb. 2 on a proposed 40-acre solar farm in eastern Lincoln County, where Charlottesville, Va.-based HelloSage Energy has a lease option with landowners. County commissioners voted in December against a 36-acre solar farm proposed by Chapel Hill-based Strata Solar, citing potential impact on adjoining property values.

Movement Mortgage moving HQ to South Carolina

January 16, 2015

(The Charlotte Observer)

South Carolina awarded $53 million in tax incentives for Virginia Beach, Va.-based Movement Mortgage to move its headquarters and 650 jobs to Lancaster County. Founded in 2008 by former Carolina Panthers tight end Casey Crawford ("Catching a Break," July 2014), Movement will move 200 jobs from Charlotte to the new 105,000-square-foot headquarters.

Family Dollar takeover battle could end soon

January 16, 2015

(The Charlotte Observer)

Several analysts, as well as a source close to Family Dollar, say its likely Dollar Tree will win the battle to acquire the Matthews-based retailer following a statement from Dollar General on Thursday that says it needs more time to find out whether the Federal Trade Commission will block its competing bid to acquire the company.

Sealed Air to build new Charlotte headquarters

January 16, 2015

(The Charlotte Observer)

Sealed Air, which is relocating its headquarters and 1,300 jobs from New Jersey, will build a new campus in southwest Charlotte. Construction on the complex, which will include three buildings, should be complete by the end of 2016. Childress Klein will develop the project and architect HOK will handle design and engineering.

Group withdraws proposal for BofA bylaw change

January 16, 2015

(The Charlotte Observer)

New York-based Interfaith Center on Corporate Responsibility is withdrawing its request that Bank of America allow its shareholders to vote on whether chairman and CEO roles should be combined. The Charlotte-based bank agreed to produce a report on its business standards in exchange for the group withdrawing its proposal.

Chiquita moving 320 jobs out of Charlotte

January 15, 2015

(The Charlotte Observer)

Chiquita Brands International will close its Charlotte headquarters, affecting about 320 workers. The produce company was acquired earlier this month by by two Brazilian companies for about $681 million. In a letter to employees, the company said it will transition operations over the next 12 to 18 months to "be closer to our customers and operations." 
Related: Chiquita's early exit raises incentives questions