Subsidy Tracker Individual Entry
aerospace production facility expansion
The value of the Quick Action Closing Fund grant is taken from: Dave Berman, "$20.8M 'Magellan' package gets OK," Florida Today, March 26, 2014; available at: http://www.floridatoday.com/story/money/2014/03/25/-208m-magellan-packag.... The value of the Brevard County grant is taken from: Dave Berman and Wayne T. Price, "Lease deal would help 'Magellan' avoid taxes,"? Florida Today, April 4, 2014; available at: http://www.floridatoday.com/story/news/local/2014/04/03/lease-deal-help-.... The $450 million in property tax exemptions is an estimate based on $9 million per year for 50 years, see: Dave Berman and Wayne T. Price, "It's Northrop Grumman; 1,800 jobs landing here," Florida Today, May 7, 2014. Minutes of the Melbourne City Council meeting from April 3, 2014 also indicate the tax exempt lease is for 50 years; minutes are available at: http://www.melbourneflorida.org/meet/ccarchive/cc2014_0403_sp.pdf. The jobs, wage, and investment data is taken from May 8, 2018 Economic Development Commission of Florida's Space Coast press release available at: http://www.spacecoastedc.org/NewsRoom/NewsReleases.aspx?StoryID=d6da945a...
Subsidy package includes: an estimated $450 million that the company will save over 50 years through local property tax exemptions; $20.8 million grant from the state's Quick Action Closing Fund; and $205,000 grant from Brevard County to cover impact fees. Space Florida, a state economic development agency, will build and equip a complex, which Northrop Grumman will lease from the agency (as a tenant of the state entity the company will be exempt from paying local property taxes). In addition, Melbourne City Council agreed "not to challenge the company's pursuit of a full tax exemption" for new and renovated buildings, parking, and personal property. Initially the recipient of the subsidies was anonymous and the project details were negotiated under the name Project Magellan. On May 8, 2014 Northrop Grumman was identified as the company involved. Jobs will be created in two phrases: 300 jobs by 2015 and 1,500 after. Overlaps with main Subsidy Tracker data: none.