Subsidy Tracker Individual Entry

Company: 
Spirit AeroSystems
Parent Company: 
Spirit AeroSystems
Subsidy Source: 
multiple
Location: 
North Carolina
City: 
Kinston
Project Description: 

jet components production plant

Year: 
2008
Major Industry of Parent: 
aerospace and military contracting
Specific Industry of Parent: 
aerospace & military contracting
Subsidy Value: 
$250,900,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
1,031
Capital Investment: 
$570,500,000
Source of Data: 

The value and the breakdown of the subsidy package as well as the jobs projection were taken from: Amanda Jones Hoyle, "Spirit AeroSystems incentives top $240M," Triangle Business Journal, June 30, 2008; available online at: http://www.bizjournals.com/triangle/stories/2008/06/30/story1.html?page=all

Notes: 

The size of the package was estimated by the Triangle Business Journal based on documents it obtained from the North Carolina Department of Commerce and the Golden Leaf Foundation. It contained $83 million from the state, including: Article 3J tax credits worth $47 million; grants from the One North Carolina program and the Job Development Investment Grant program; and free training at community colleges for Spirit employees. (The tax credit and grants are listed separately in the main Subsidy Tracker data for those programs.) The package also included a $100 million grant from Golden Leaf Foundation, which distributes the state's share of tobacco lawsuit settlement funds; $35 million in road, rail and taxiway improvement to the Global TransPark, where the company is located; $14.7 million over 10 years in local property tax abatements; additional infrastructure improvements by local authorities worth about $15.7 million; and reduced water rates worth $2.5 million over 10 years.

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