Subsidy Tracker Individual Entry

Company: 
MasterCard International
Parent Company: 
MasterCard
Subsidy Source: 
multiple
Location: 
Missouri
City: 
O'Fallon
Project Description: 

corporate offices

Year: 
2009
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Subsidy Value: 
$160,000,000
Program Name: 
Chapter 100 Industrial Revenue Bonds
Awarding Agency: 
Department of Economic Development
Type of Subsidy: 
MEGADEAL
Source of Data: 

The value of the subsidy is taken from Subsidy Tracker 2009 entry for MasterCard International for Chapter 100 Industrial Revenue Bonds program. Good Jobs First received the original data directly from the Missouri Department of Economic Development. The Subsidy Tracker entry is available online at: http://www.goodjobsfirst.org/subsidy-tracker/mo-mastercard-international...

Notes: 

In 2009, Department of Economic Development awarded MasterCard $160 million Chapter 100 Industrial Revenue Bonds. Under the Missouri law, a municipality issues revenue or general obligation bonds to finance purchasing or building certain projects. The law allows the municipality to grant property tax abatements for the property for which the bonds were issued. In addition, the company receives sales tax exemption on construction materials and/or equipment for the project. The company is responsible for paying back the bonds. There are no news reports or press releases about the deal and it is unclear how much MasterCard will save through property tax abatements and sales tax exemptions. Overlaps with main Subsidy Tracker data: $160 million Chapter 100 entry for 2009 and a $1.5 million Quality Jobs entry for 2011.

Source Notes: 
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