Subsidy Tracker Individual Entry

Company: 
Nexteer Automotive
Subsidy Source: 
multiple
Location: 
Michigan
City: 
Buena Vista
Project Description: 

automotive supplier

Year: 
2009
Major Industry of Parent: 
aerospace and military contracting
Specific Industry of Parent: 
aerospace & military contracting
Subsidy Value: 
$93,700,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
2,400
Capital Investment: 
$413,000,000
Source of Data: 

The value of the state tax credits and the job and investment projections are taken from a press release issued by Gov. Jennifer M. Granholm on November 17, 2009; available on line at: http://www.michiganadvantage.org/Press-Releases/Governor-Granholm-Announ.... The data on the local tax abatements is taken from: Andy Hoag, "BV gives Nexteer a 20-year tax waiver," Saginaw News, November 26, 2009.

Notes: 

Nexteer Automotive (previously know as Delphi Global Steering Division) received a $93.7 million subsidy package for expanding its production in Michigan. The Michigan Economic Growth Authority provided $70.7 million in unspecified tax credits over 10 years. Buena Vista Township agreed to freeze the company's taxable property value for 10 years, which would save the company about $2.3 million per year. In addition, the Township a approved 100-percent, 20-year tax abatement on equipment, the value of which was not reported. The jobs figure is the number of positions to be retained. Overlap with main Subsidy Tracker data: a $70.7 million MEGA tax credit entry for 2010.

Source Notes: 
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