CONCORD — Red Bull North America Inc. and RRB Beverage Operations Inc. are increasing their investments in the beverage manufacturing campus that will be located at The Grounds at Concord.
Cabarrus County and the city of Concord had previously agreed to a seven-year, performance-based property tax grant agreement with Ball Metal Beverage Container Corp., Red Bull North America Inc. and RRB Beverage Operations Inc. for a beverage manufacturing campus. The new total investment from all companies is now $1.48 billion compared to the previous $1.07 billion investment. Now that two of the companies plan to increase their physical property investments, the county and city have approved an increase in the tax grant based on the increase in investments.
The beverage manufacturing campus, which was named Project Aquamarine prior to its 2021 announcement, will be a vertically integrated beverage manufacturing campus containing three of the most recognizable global brands in the manufacturing and food and beverage industries, according to the county. This campus-style complex will have the capacity to not only convert aluminum coil into beverage containers but also fill the containers and package them for distribution throughout the southeast.
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The 633 jobs created from the project will have an average wage that is above the county’s current $41,255 average.
Earlier in November, the Concord City Council unanimously approved both increases to the grant. The Cabarrus County Board of Commissioners approved both increases Monday, Nov. 21. Each increase was approved in a 4-1 vote, with Commissioner Barbara Strang voting against both times.
The initial investment and grant numbers from all three companies involved in the campus were:
Ball Metal Beverage Container Corp.
Investment: $383,874,400
County Grant Amount: $11,345,918
City Grant Amount: $7,359,514
Jobs: 220 (Average wage: $70,555)
RRB Beverage Operations Inc.
Previous investment: $553,000,000
City grant amount: $11,152,354
Jobs: 323 (Average wage: $50,387)
Red Bull North America Inc.
Previous investment: $140,000,000
City grant amount: $2,951,227
Jobs: 90 (Average wage: $50,367)
Red Bull North America Inc. and RRB Beverage Operations Inc. are both increasing their physical property investments into the project, which also increases the county and city grant numbers.
Ball Metal Beverage Container Corp. (no change)
Investment: $383,874,400
County grant amount: $11,345,918
City grant amount: $7,359,514
Jobs: 220 (Average wage: $70,555)
RRB Beverage Operations Inc. (new)
Revised investment: $680,000,000
County Grant Amount: $22,555,940
City Grant Amount: $14,630,880
Jobs: 323 (Average wage: $50,387)
Red Bull North America Inc. (new)
Revised investment: $424,000,000
County grant amount: $14,614,658
City grant amount: $9,479,778
Jobs: 90 (Average wage: $50,367)
In total, the city of Concord alone will still have a seven-year net revenue of about $4,254,822, even after the companies’ performance-based property tax grants.
Commissioner Chair Steve Morris spoke during the board’s discussion on the grant increase and said the increase in the companies’ investments was good news.
“I think that is always good news,” Morris said. “It’s very good news of a substantially increased investment and growth in our tax base.”
The beverage manufacturing campus is now expected to be completed in the 2025-26 timeframe.
