Red Bull-Rauch Joint Venture Plans Concord, North Carolina, Manufacturing & Distribution Hub
Cumulatively, this high-tech beverage production hub will span 2,000,000-square-feet of vertical integration to include office space at The Grounds at Concord. Together, the companies will partner to develop a state-of-the-art campus for beverage manufacturing, can filling and distribution.
“Global manufacturers need a world-class workforce to support their expansion plans,” said Governor Roy Cooper. “In North Carolina, Red Bull and Rauch have chosen the largest manufacturing workforce in the Southeast and a resilient business climate with an excellent transportation infrastructure to support their long-term growth.”
Red Bull and Rauch’s location to North Carolina will be facilitated, in part, by two Job Development Investment Grants approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of the JDIG grants, the economic impacts and potential reimbursement based on new tax revenues for each company are projected as follows:
Red Bull is expected to grow the state economy by $279 million. Potential reimbursement of $1,008,000 spread over 12 years for 90 new jobs; Rauch will grow the state economy by $1.5 billion. Potential reimbursement of $3,057,000 spread over 12 years for 323 new jobs.
Payments for all JDIGs only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Red Bull and Rauch are locating to Cabarrus County, classified by the state’s economic tier system as Tier 3, the combined JDIG agreements also call for moving as much as $1.3 million into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Cabarrus, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state. “We are excited to see the partnership that Red Bull and Rauch are creating here in North Carolina,” said N.C. Commerce Secretary Machelle Baker Sanders. “Like this partnership, North Carolina’s success is supported by strong economic and workforce development partnerships, which will continue to attract growing companies that are creating good paying jobs and impactful investments statewide.”
In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC), other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, North Carolina Railroad Company, Cabarrus County, the City of Concord, Cabarrus Economic Development, Charlotte Regional Business Alliance and Duke Energy.
Supply Chain Bottlenecks Creating New “Logistical Hotspots”
2020 Top States for Doing Business Showcase Their Pro-Business Environments
2021 Gold & Silver Shovel Awards Recognize State and Local Economic Development Efforts
35th Annual Corporate Survey: Effects of Global Pandemic Reflected in Executives’ Site and Facility Plans
Latest Trends in the Industrial Real Estate Sector Here to Stay
Auto Industry Is Betting on Sustainability
2021 Auto/Aero Site Guide