Subsidy Tracker Individual Entry

Company: 
Eaton
Parent Company: 
Eaton
Subsidy Source: 
multiple
Location: 
Ohio
City: 
Beachwood
County: 
Cuyahoga
Project Description: 

manufacturing company headquarters relocation within a state

Year: 
2009
Major Industry of Parent: 
industrial equipment
Specific Industry of Parent: 
industrial equipment
Subsidy Value: 
$85,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Source of Data: 

The value and the breakdown of the subsidy package are taken from: Michelle Jarboe, "Eaton gets $90 million incentive offer to move to suburbs," Cleveland Plain Dealer, March 1, 2009 and Michelle Jarboe, "Loans, tax credits, grants provide lure," Cleveland Plain Dealer, March 1, 2009.

Notes: 

The $85 million subsidy package was assembled in 2009 to retain Eaton, which moved from downtown Cleveland to suburbs. The package included state and local subsides: $51.75 million from the state in job creation and retention tax credits (listed separately in the main Subsidy Tracker data in two entries for 2008 for Job Creation Tax Credit valued at $17,670,632 and for Job Retention Tax Credit valued at $30,417,493); $22 million through Tax Increment Financing, which the city of Beachwood used to repay loans used for land acquisition and other costs; $10 million in reduced local income tax; and a $1.25 million grant from the state to the city for road construction. Eaton moved its legal headquarters to Ireland in 2012.

Source Notes: 
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