Subsidy Tracker Individual Entry
auto manufacturing facility
The value of the package is taken from: Cassie Cope, "Legislators to mull $123 million in borrowing for Volvo," The State, June 2, 2015; online at http://www.thestate.com/news/local/article22964889.html. Jobs, investment and information on readySC are taken from a press release issued by the SC Commerce Department on May 11, 2015; online at http://sccommerce.com/news/press-releases/volvo-cars-selects-south-carolina-first-american-plant
State and local level subsidy package includes: $123 million in economic development bonds issued by the state that will pay for the site ($54 million) and roads ($69 million); $30 million in grants from the state's Department of Commerce; a $54 million grant from the state-owned Santee Cooper utility company that will pay for land purchase; $5 million from Berkeley County to help out also with buying the land. The amount does not include: $87 million in interest that the state will pay on the bonds, the value of multi-year per-job tax credits, the cost of multi-year fee-in-lieu agreement (property tax abatements) with Berkeley County, and the cost of worker recruitment and training provided by readySC. Overlaps with main Subsidy Tracker data: none.