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Subsidy Tracker Individual Entry

Company: Cree, Inc.
Parent Company: Wolfspeed Inc.
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
Subsidy Value in 2023 Dollars: $737,793,655
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
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 (click here). See also: Amy Neff Roth, "Cost per jobs was included in; Expert: Big price tag for nano jobs," Observer-Dispatch, September 25, 2019, (click here). Details of local IDA subsidies are taken from October 18, 2019 minutes of meeting of the Oneida County Industrial Development Agency; online at (click here).
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: 2020 local tax credit from Oneida County IDA ($4,013,033); 2020 state tax credit through the Excelsior Jobs Program ($1,000,000).
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.