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MegadealsSubsidy Tracker Individual Entry
Company: Stellantis
Parent Company:
Stellantis
Subsidy Source: multiple
Location: Indiana
City: Kokomo
County: Howard
Project Description: battery manufacturing plant
Year: 2022
Major Industry of Parent: motor vehicles
Specific Industry of Parent: motor vehicles
Subsidy Value: $186,600,000
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy:
MEGADEAL
Number of Jobs or Training Slots: 1,400
Wage Data: $32.07
Wage Data Type: average wage
Capital Investment: $2,500,000,000
Source of Data: State subsidies were taken from a May 24, 2022 Indiana Economic Development Corporation press release "Stellantis, Samsung SDI Announce Joint Venture to Invest Over $2.5B in New EV Battery Manufacturing Facility in Indiana,"
(click here) Kokomo subsidies based on: Kokomo Common Council, July 25, 2022 meeting agenda:
(click here) and minutes of the meetings:
(click here). See also: Tyler Juranovich, "Local incentives for EV battery plant include 100% abatements," Kokomo Tribune, July 27, 2022, Via LexisNexis.
Notes: Stellantis, Chrysler corporate parent, will open an EV battery manufacturing plant in Kokomo where the company has existing facilities. The project is a cooperation with Samsung. The state package includes: $100 million in "performance payments," $37.5 million in tax credits, $25 million for site preparation, $20 million in investment-based redevelopment tax credits; a $2 million grant for workforce development training; a $2 million grant from the Industrial Development Grant Fund for infrastructure improvements to the city and the county. Kokomo approved 100% property tax abatement for 20 years; 100% real property tax abatement for 10 years. On top of that, a TIF district was created for the plant and the company will be able to access the increment for 10 years. The city also agreed to perform and pay for a series of infrastructure improvement projects. In addition, the city will pay for or wave various permits at the cost of $100,000. None of the city subsidy values have not been estimated. Kokomo's deal was done under "StarPlus Energy LLC". Overlaps with main data: none.
Source Notes: If an online information source is not working, check the Tracker
inventory page for an updated link.