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:
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 (click here). Jobs, investment and information on readySC are taken from a press release issued by the SC Commerce Department on May 11, 2015; online at (click here) 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: If an online information source is not working, check the Tracker inventory page for an updated link.