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Subsidy Tracker Individual Entry

Company: Mitsubishi Power Systems
Parent Company: Mitsubishi Heavy Industries
Subsidy Source: multiple
Location: Arkansas
City: Fort Smith
Project Description: wind turbine assembly plant
Year: 2010
Major Industry of Parent: diversified
Specific Industry of Parent: diversified
Subsidy Value: $84,750,000
Subsidy Value in 2023 Dollars: $119,068,715
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
Number of Jobs or Training Slots: 333
Capital Investment: $100,000,000
Source of Data: The city subsidy value and breakdown as well as the job and investment projections come from: Serenah McKay, "Mitsubishi incentive deal OK'd; Fort Smith board approves $80 million for turbine plant," Arkansas Democrat-Gazette, June 17, 2010. The state grant is cited in Laurie Whalen, "300-plus jobs await when plant is built in Fort Smith," Arkansas Democrat-Gazette, October 8, 2010.
Notes: The city package included the issuance of $75 million in industrial revenue bonds to make the facility exempt from property taxes plus $6 million in infrastructure assistance and other incentives. The state provided a $3.75 million grant from the Quick Action Closing Fund. The plant was built, but in 2012 Mitsubishi announced an indefinite delay in its opening. Overlaps with main Subsidy Tracker data: Business Industry Training entry for $5,675 in 2011.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.