Kannapolis leaders to consider grant to lure retailer
KANNAPOLIS ó The City Council will consider an economic development grant for Rug and Home at its meeting Monday.
The firm, headquartered in Asheville with a location in Gaffney, S.C., is seeking a location for an expansion and is interested in the former Target building at 3333 Cloverleaf Parkway.
“Finding uses for vacant big box stores is an interesting challenge,” said Irene Sacks, the city’s director of business and community affairs. “Rug and Home provides an ideal mix of back office, retail and distribution for the former Target site.”
The grant would be for $9,371.25 over three years.
Rug and Home plans to spend $750,000 retrofitting and upgrading the store and would hire between 40 and 75 people, a city press release said.
“Kannapolis’ strategic location in the Charlotte market is a good fit for our current store footprint,” said Aanchal Agarwal, chief operating officer of Rug and Home. “We hope that the City Council will approve the grant request so we can begin making the necessary improvements to the property.”
Ryan McDaniels, vice president of economic development for the Cabarrus Economic Development Commission, said that while major relocations grab bigger headlines, “helping smaller companies grow and expand is a critical component of economic development. If the grant is approved, Rug and Home will increase our property tax base while creating new employment.”