Subsidy Tracker Individual Entry

Company: 
Volvo
Parent Company: 
Geely
Subsidy Source: 
multiple
Location: 
South Carolina
County: 
Berkeley
Project Description: 

auto manufacturing facility

Year: 
2015
Major Industry of Parent: 
motor vehicles
Specific Industry of Parent: 
automobiles
Subsidy Value: 
$212,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
2,000 jobs over next 10 years; up to 4,000 jobs by 2030
Capital Investment: 
$500,000,000
Source of Data: 

The value of the package is taken from: Cassie Cope, "Legislators to mull $123 million in borrowing for Volvo," The State, June 2, 2015; online at http://www.thestate.com/news/local/article22964889.html. Jobs, investment and information on readySC are taken from a press release issued by the SC Commerce Department on May 11, 2015; online at http://sccommerce.com/news/press-releases/volvo-cars-selects-south-carol...

Notes: 

State and local level subsidy package includes: $123 million in economic development bonds issued by the state that will pay for the site ($54 million) and roads ($69 million); $30 million in grants from the state's Department of Commerce; a $54 million grant from the state-owned Santee Cooper utility company that will pay for land purchase; $5 million from Berkeley County to help out also with buying the land. The amount does not include: $87 million in interest that the state will pay on the bonds, the value of multi-year per-job tax credits, the cost of multi-year fee-in-lieu agreement (property tax abatements) with Berkeley County, and the cost of worker recruitment and training provided by readySC. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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