Subsidy Tracker Individual Entry

Company: 
Cree, Inc.
Parent Company: 
Cree
Subsidy Source: 
multiple
Location: 
New York
City: 
Marcy
County: 
Oneida
Project Description: 

480,000 sq ft wafer fabrication facility

Year: 
2019
Major Industry of Parent: 
miscellaneous manufacturing
Specific Industry of Parent: 
lighting equipment
Subsidy Value: 
$617,099,612
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
614
Wage Data: 
$75,000
Wage Data Type: 
average salary
Capital Investment: 
$1,000,000,000
Source of Data: 

Details of the state package came from September 23, 2019 press release issued by Gov. Andrew Cuomo, online at https://www.governor.ny.gov/news/governor-cuomo-announces-1-billion-publ.... See also: Amy Neff Roth, "Cost per jobs was included in; Expert: Big price tag for nano jobs," Observer-Dispatch, September 25, 2019, https://www.uticaod.com/news/20190925/expert-big-price-tag-for-nano-jobs. Details of local IDA subsidies are taken from October 18, 2019 minutes of meeting of the Oneida County Industrial Development Agency; online at http://www.cmvh.org/documents/2282.pdf.

Notes: 

The project is located near the State University of New York Polytechnic Institute's Marcy campus Nanocenter. The investment of $1 billion will be in construction, equipment, research and development, and other costs over six years. The state package includes reimbursement grants of up to $500 million from Empire State Development; $1 million in Excelsior Jobs tax credits; in addition, SUNY committed to match up to $5 million in related research funding from Cree. Local subsidies provided by Oneida County IDA include exemptions from sales tax not to exceed $36,093,750; mortgage recording tax exemptions not to exceed $126,500; and PILOT tax abatements estimated at $74,879,362 over 39 years. News articles reported that the state spent about $110 million on the Marcy Nanocenter site development and preparation; local governments spent additional $20 million. This investment was done to attract any company to the site thus this amount is not included in the total. Overlap with Subsidy Tracker main data: none.

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