Subsidy Tracker Individual Entry

Company: 
Apple
Parent Company: 
Apple Inc.
Subsidy Source: 
multiple
Location: 
North Carolina
City: 
Raleigh
County: 
Wake
Project Description: 

research and development campus

Year: 
2021
Major Industry of Parent: 
electrical and electronic equipment
Specific Industry of Parent: 
computers
Subsidy Value: 
$890,800,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
3,000
Wage Data: 
$187,001
Wage Data Type: 
average salary
Capital Investment: 
$1,000,000,000
Source of Data: 

State subsidy details were taken from Governor Cooper's April 26, 2021 press release "Governor Cooper Announces Apple Will Create 3,000 Jobs In Wake County. Personal Technology Company Will Invest $1 Billion In North Carolina," online at: https://www.nccommerce.com/news/press-releases/governor-cooper-announces.... Local subsidies were taken from Apple Agenda Item: Public Hearing and Consideration of Business Development Grant Agreement for Apple Inc, presented during the County meeting on September 20, 2021. Othe relevant documents include Wake County Business Development Grant Agreement with Apple and A Project Presentation; all documents are available for download under the Sept 20, 2021 meeting webpage at https://wake.legistar.com/LegislationDetail.aspx?ID=5139201&GUID=E20D38D... File#: 16-3651. See also: Tyler Dukes, "Apple incentives are the largest in NC history. Here's how the deal breaks down," The News & Observer, April 26, 2021.

Notes: 

In exchange for locating a new R&D center in Research Triangle Center, North Carolina approved Apple for estimated $845.8 million in Job Development Investment Grants paid over 39 years using a "transformative project" designation. (An additional $112.4 million of Apple taxes will go to the Industrial Development Fund's Utility Account, which provides grants to rural counties for infrastructure build-out and business attraction.) In addition, Wake County approved a 30-year Business Development Grant that will rebate back to the company 50% of newly generated project property taxes. The county did not provide an official estimate of the grant. However, one of the documents presented during a Sept. 20, 2021 county session included a table with 10-year estimated payments totaling $15 million (with a note the table was for illustrative purposes only). Because we do not have any other estimates, we used this amount and multiplied it by 3 for the total estimated local subsidy of $45 million. At the time of the announcement, Apple also said it will invest over $448 million in its existing data center in Maiden, Catawba County (see an update to 2009 Apple megadeal in Maiden). Overlaps with main data: none.

Source Notes: 
If an online information source is not working, check the Tracker inventory page for an updated link.