The City of Monroe presented an economic development incentive check for $307,142.86 to Charlotte Pipe and Foundry, recognizing the company’s continued investment at its Monroe facility and fulfillment of its incentive agreement with the City.
Councilmember Franco McGee, City Manager Mark Watson, Assistant City Managers Lisa Hollowell and Jeffrey Wells, and Strategic Projects Manager Teresa Campo met Charlotte Pipe and Foundry Chief Financial Officer, Jim Loftus to present the check.
“Charlotte Pipe continues to be a big winner for the City, our residents, and its employees," said City Manager Mark Watson. "We’re happy to provide this incentive as we recognize the importance of Charlotte Pipe expanding right here in Monroe."
The $307,142.86 payment covers two years of the company’s most recent incentive agreement with the City. Under that agreement, signed in 2022, Charlotte Pipe and Foundry committed to investing a minimum of $50,000,000 in new taxable improvements, machinery, and equipment over a seven-year period beginning in 2024. The City agreed to pay the company up to $2,150,000 over a 14-year period starting in 2025.
This year, after meeting required thresholds, Charlotte Pipe and Foundry received the 2024 and 2025 payments combined. Going forward, annual payments under the agreement will be capped at $153,571.
Charlotte Pipe and Foundry, headquartered in Charlotte, North Carolina, is a leading manufacturer of cast iron and plastic pipe products serving plumbing contractors, builders and distributors nationwide. Its Monroe facility, located on Airport Road near the Charlotte-Monroe Executive Airport, plays a critical role in producing and distributing materials that support residential, commercial and industrial construction across the country.
“Charlotte Pipe and Foundry’s investment is more than dollars in the ground—it’s jobs, opportunity, and upward mobility for Monroe families," said Councilmember Franco McGee. "By partnering in this way, we’re ensuring that corporate growth aligns with community growth, recycling local dollars back into local hands and building a stronger, more equitable Monroe for generations to come.”
For more information on the City’s economic development initiatives, visitwww.developmonroe.com.