Subsidy Tracker Individual Entry
Erin Schilling, "Facebook confirmed as company behind $42 billion expansion of Atlanta area data center," Atlanta Business Chronicle. March 5, 2021. For information on the initial $42 billion bond see for example: Urvaksh Karkaria, "Bond documents reveal Facebook investment in Georgia data center could hit $42 billion," Atlanta Business Chronicle, Jan 25, 2018: https://www.bizjournals.com/atlanta/news/2018/01/25/bond-documents-revea...
The subsidy deal is connected to Facebook's estimated $42 billion investment in data centers in Georgia over 20 years. In March 2020, the Joint Development Authority of Jasper, Morgan, Newton and Walton counties, Atlanta suburbs, approved a 20-year property tax abatement. The total value of the abatement was estimated $355 million, if all four phases of the project are completed. The first phase includes a $750 million investment. The company is scheduled to pay an estimated $88 million in "rent" over 20 years. Facebook can also take advantage of equipment sales and use tax exemptions at the state level, the value of which has not been estimated. Morning Hornet LLC is a company representing Facebook. The $42 billion investment represents the value of bonds that the counties issued on the company's behalf. Overlaps with main Subsidy Tracker data: none.