Subsidy Tracker Individual Entry

Company: 
Big River Steel
Parent Company: 
Big River Steel
Subsidy Source: 
multiple
Location: 
Arkansas
County: 
Mississippi
Project Description: 

steel mill

Year: 
2013
Major Industry of Parent: 
metals
Specific Industry of Parent: 
steel
Subsidy Value: 
$139,500,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
500
Wage Data: 
$75000
Wage Data Type: 
annual average salary
Capital Investment: 
$1,000,000,000
Source of Data: 

The value and the breakdown of the bonds and the job, wage and investment projections are taken from a press release issued by the Arkansas Economic Development Commission on January 29, 2013; available online at: http://www.arkansasedc.com/content/big-river-steel-llc-build-1-billion-p.... The information on the tax credits and exemptions were taken from: Sean Beherec, "House votes yes on bonds for steel mill," Arkansas Democrat-Gazette, April 9, 2013. The value of the local subsidy was taken from: Ardray Maxwell, "Mississippi County Court approves local incentives for steel mill," WREG.com, March 28, 2013; available online at: http://wreg.com/2013/03/28/mississippi-county-court-approves-local-incen...

Notes: 

The start-up Big River Steel mill was granted at least $139.5 million in state and local subsidies. Arkansas legislature agreed to issue $125 million in general obligation bonds that will be used for as follows: $50 million in a loan for the company, $70 million for the site preparation, and $5 million for bond issuance costs. In addition, the legislature agreed to grant the company an unspecified amount, not included in the total, in sales and use tax exemptions on energy purchases and a 14-year carry forward recycling income tax credit. Mississippi County provided the company with $14.5 million in local subsides for unspecified improvements. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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