Subsidy Tracker Individual Entry

Company: 
Michelin
Parent Company: 
Michelin
Subsidy Source: 
multiple
Location: 
South Carolina
City: 
Lexington And Starr
County: 
Lexington And Anderson
Project Description: 

expansion of a tire manufacturing plant in Lexington and a new tire plant in Starr

Year: 
2012
Major Industry of Parent: 
automotive parts
Specific Industry of Parent: 
automotive parts-tires
Subsidy Value: 
$123,300,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
500
Wage Data: 
$35000 in Lexington; $292000 in Anderson
Wage Data Type: 
projected average annual wage
Capital Investment: 
$750,000,000 ($200 million in Lexington; $550 million in Anderson)
Source of Data: 

The value and the breakdown of the subsidy package and the wage projections are taken from: Rick Brundrett, "Why the Michelin Man is Smiling in S.C.," The Nerve, May 14, 2012; available online at: http://thenerve.org/news/2012/05/14/Michelin-incentives/. The job and investment projections are taken from: Nikie Mayo, "Michelin to get at least $7.5 million in state incentives for Starr plant," Anderson Independent-Mail, April 13, 2012.

Notes: 

The estimated $123 million package included subsides for projects in Lexington and Anderson Counties. The Lexington County portion included about $45 million over 30 years in property tax abatements from the county and a state grant of $1.5 million, in addition to other unspecified subsides which are not included in the total. The package for the Anderson County's new plant included property tax abatements worth about $52 million over 40 years; the state offered a $7.6 million in a grant for site preparation, $6.47 million in job-tax credits, $4.86 million in "economic-impact zone" equipment credits, $4.77 million in job-development credits and $1.12 million in job-training. Overlaps with main Subsidy Tracker data: none.

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