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MegadealsSubsidy Tracker Individual Entry
Company: Boeing
Parent Company:
Boeing
Subsidy Source: local
Location: Missouri
County: St. Louis
Project Description: Expansion project
Year: 2023
Major Industry of Parent: aerospace and military contracting
Specific Industry of Parent: aerospace & military contracting
Subsidy Value: $185,669,997
Program Name: Chapter 100 Industrial Revenue Bonds
Awarding Agency: St. Louis County Council
Type of Subsidy:
MEGADEAL
Number of Jobs or Training Slots: 500
Wage Data: $90,000
Wage Data Type: Average annual wages
Capital Investment: $1,800,000,000
Source of Data: St. Louis County Council Meeting Agenda, September 19, 2023, Bill No. 189:
(click here). James Drew, September 19, 2023, "Tax incentives for Boeing's $1.8B expansion project get OK from St. Louis County Council," St. Louis Business Journal vis LexisNexis.
Notes: Boing plans to expand its existing operations in St. Louis County to compete for new federal contracts with the US Navy and Air Force. In exchange, it will receive a 50% 10-year property tax abatement ($155 million) and a sales tax exemption ($31 million) on qualified building materials. The County will issue $1.8 billion in tax-exempt industrial revenue bonds to finance the project. Boeing will purchase these bonds and lease the new facilities from the County, which will retain ownership for as long as it takes to pay off the bonds. This financing arrangement allows the company to take advantage of the County's lower borrowing costs. Overlaps with main data: none.
Source Notes: If an online information source is not working, check the Tracker
inventory page for an updated link.