Intercontinental Capital Group Inc. will significantly expand its Charlotte operations, adding 500 jobs over the coming five years, Governor Roy Copper announced.
The company’s plans in Mecklenburg County include a capital investment of $5,844,450.
Intercontinental Capital Group (“ICGâ€), established in 2005 and headquartered in Melville, NY, is licensed in 46 states and the District of Columbia, as well as by the U.S. Department of Housing and Urban Development.
The privately-held company also operates several community-focused brands including Veterans Community Home Loans which concentrates on serving ICG currently has a nationwide workforce of nearly 2,000, including 179 at its existing Charlotte location.
The North Carolina Department of Commerce led the state’s efforts to secure the arrival of ICG, which also considered other U.S. destinations.
The company’s new jobs will offer salaries averaging $87,500 per year, creating more than $47.3 million in annual payroll impact in the Charlotte Region after 2025.
It plans to begin hiring in 2021 for positions that will include sales and marketing, fulfillment, technology, administration and executive management. The company’s innovative ICG Academy provides paid training and ongoing professional development opportunities.
ICG’s new presence in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee.
Over the course of the 12-year term of the grant, the project is estimated to grow the state’s economy by nearly $1.34 billion. Using a formula that takes into account the new tax revenues generated by the 500 new jobs, the JDIG agreement authorizes a potential reimbursement to the company of up to $7,694,250 over 12 years.
State payments occur only after verification by the departments of Commerce and Revenue that the company has met incremental job creation and investment targets.
Projects supported by JDIG must by law result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to the recipient company. The provision ensures all North Carolina communities benefit from the JDIG program.
Moreover, ICG’s selection of Mecklenburg County, classified under the state’s economic tier system as Tier 3, means the company’s JDIG agreement will result in as much as $2.56 million in new funding for state’s Industrial Development Fund – Utility Account.
The Utility Account helps rural and economically distressed communities finance infrastructure upgrades necessary in attracting jobs and capital investment. ■