Charlotte

CaroMont Health extends lease agreement with Gaston

February 23, 2015

(The Gaston Gazette)

CaroMont Health will extend its lease agreement with Gaston County for 40 years and plans to invest $200 million in improvements at the 435-bed hospital. The health system will continue to rent the property for $1 a year, but will make a one-time payment of $20 million to the county in March.

Belk closing Pineville distribution center, moving jobs to SC

February 20, 2015

(The Charlotte Observer)

Charlotte-based retailer Belk will lay off 111 workers at a Pineville distribution center as it expands in Jonesville, S.C. Affected employees were offered jobs at the Jonesville center, about 75 miles southwest of Charlotte. The privately owned department-store chain operates 300 stores in 16 states.

Charlotte considers incentives for Frito-Lay expansion

February 20, 2015

(The Charlotte Observer)

Charlotte City Council will consider incentives for Frito-Lay to expand its local plant. The snack-maker would invest $74 million in its 38-year-old factory in southwest Charlotte, adding 30 to 35 jobs to its 563 by 2018. 

Charlotte gets seasonal flight to Albuquerque

February 19, 2015

(The Charlotte Observer)

American Airlines will add a seasonal nonstop flight from Charlotte to Albuquerque, N.M., beginning June 5. It's Charlotte's first nonstop flight to New Mexico's largest city.

Duke Energy to pay $100M penalty in coal-ash probe

February 18, 2015

(The Charlotte Observer)

Charlotte-based Duke Energy said it will pay about $100 million to resolve a federal investigation of its coal-ash management. The investigation began about a year ago, following the Feb. 2, 2014 spill that dumped up to 39 million tons of coal ash into the Dan River ("Heart of Coal," April 2014).

Concord's Alevo inks deal with wholesale energy supplier

February 18, 2015

(The Charlotte Observer)

Alevo Group signed an agreement with Philadelphia-based Customized Energy Solutions to supply 200 megawatts of its GridBank energy-storage units. Alevo opened a manufacturing site in October at the former Philip Morris plant in Concord and plans to hire up to 2,500 workers within three years (Statewide, December).

BofA's Moynihan earns less in 2014

February 18, 2015

(The Charlotte Observer)

Bank of America CEO Brian Moynihan's compensation fell to $13 million in 2014, $1 million less than the previous year. Moynihan's base salary remained the same, while his stock bonus fell to $11.5 million from $12.5 million in 2013. Annual profit for the Charlotte-based bank fell by 58%.
Related: "After the Fall," January

Charlotte airport hiring manager to boost development

February 16, 2015

(The Charlotte Observer)

Charlotte Douglas International Airport plans to hire a new economic affairs manager to help it recruit companies – specifically industrial, warehouse and logistics businesses – that want to locate at or near the airport.  

NC Research Campus adding 3rd spec laboratory

February 13, 2015

(The Independent Tribune, Concord)

The North Carolina Research Campus in Kannapolis will invest $1.5 million on construction of a third speculative laboratory suite. Construction will begin this spring on the space, which will total at least 4,800 square feet and can accommodate several companies.

Speedway Motorsports realigns top execs

February 13, 2015

(The Independent Tribune, Concord)

Bruton Smith will step down as CEO of Speedway Motorsports and Marcus Smith, his son, will assume the role. Bruton Smith, CEO and chairman since the Concord-based company's initial public offering in 1995, will become executive chairman. Marcus Smith has served as president and chief operating officer since 2008.

BofA lays off 250 in Charlotte

February 12, 2015

(The Charlotte Observer)

Bank of America will lay off 250 mortgage and technology workers in Charlotte. Most of the affected employees work in uptown's Gateway Village. The Charlotte-based bank announced last week it was laying off 202 people in its Legacy Assets Servicing unit, which services troubled loans, in Norfolk, Va.

Crescent unveils plans for uptown Charlotte development

February 12, 2015

(The Charlotte Observer)

Crescent Communities plans to begin construction of a mixed-use project in uptown Charlotte in the fourth quarter. The development will include up to 400 hotel rooms, 450 apartments and a 47,000-square-foot Whole Foods grocery store with a rooftop deck. Construction is expected to be complete by late 2017.

Report: BofA used government-backed funds to finance trades

February 12, 2015

(The Charlotte Observer)

The Wall Street Journal reported that Bank of America used funds from its government-backed U.S. banking subsidiary to finance billions of dollars in controversial transactions that helped hedge funds and others avoid taxes. A bank spokesman says the practice, which dates back to 2011, has ended.

Duke Energy seeks uses for recycled coal ash

February 12, 2015

(Asheville Citizen-Times)

Duke Energy has asked researchers to submit analyses of potential uses for recycled coal ash to the state by Feb. 20. Company officials say they believe they can use the all of the byproduct being produced today in concrete and other applications.

Charlotte is nation's largest city without lobbying rules

February 11, 2015

(The Charlotte Observer)

Following former Mayor Patrick Cannon's arrest on corruption charges, Charlotte City Council members have agreed to tighten the city's ethics policy but there has been little mention of adding transparency requirements for lobbyists. Other large cities, and some smaller ones, require lobbyists to register and report interactions with public officials. 

Duke Energy looks toward solar expansion in SC

February 11, 2015

(The Charlotte Observer)

Duke Energy wants South Carolina regulators to approve a plan that will allow it to expand its solar offerings in the state. The plan would allow rebates of up to $5,000 for customers who install rooftop solar arrays and would allow the Charlotte-based utility to add up to 110 megawatts of solar energy by 2021.
Related: Duke Energy takes majority stake in solar firm

NCDOT says Charlotte can decide on I-485 carpool lane

February 10, 2015

(The Charlotte Observer)

The N.C. Department of Transportation told Charlotte officials the state can open an unused lane of I-485 as a carpool lane if a regional transportation planning group requests it. The unused lane on Charlotte's outer belt is being reserved to create a toll lane, which won't open until 2019 or 2020.

CLT will become overcrowded without expansion

February 10, 2015

(The Charlotte Observer)

Officials say Charlotte Douglas International Airport is near capacity and passengers will experience delays and congestion if city leaders don't approve a 20-year expansion plan. The airport predicts the number of passengers will grow at a rate that will make it comparable with Atlanta and Chicago O'Hare. Plans call for dozens of additional gates and construction of a fourth parallel runway.

Atlanta's view of Charlotte

February 10, 2015

(The Charlotte Observer)

Charlotte's job growth over the past five years has been twice as fast as Atlanta's, according to a report in Monday's Atlanta Journal-Constitution. The report, which examines Atlanta's economy by taking a look at southern competitors Charlotte and Dallas, applauds Charlotte's investment in redeveloping its center city, which has more than tripled its uptown population.

Charlotte apartment boom could mean higher vacancy rates

February 9, 2015

(The Charlotte Observer)

Charlotte has more than 10,000 apartment units under construction, but some local real-estate executives say higher vacancy rates are on the horizon. That could mean rental rates will level off as competition increases.