Subsidy Tracker Individual Entry

Company: 
Electrolux
Parent Company: 
Electrolux
Subsidy Source: 
multiple
Location: 
Tennessee
City: 
Memphis
County: 
Shelby
Project Description: 

appliance manufacturing plant

Year: 
2010
Major Industry of Parent: 
housewares and home furnishings
Specific Industry of Parent: 
appliances
Subsidy Value: 
$228,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
1,240
Capital Investment: 
$190,000,000
Source of Data: 

The value and details of the subsidy package and the job and investment projections are taken from: Daniel Connolly and Amos Maki, "Landing Electrolux; New factory comes at a high cost for taxpayers and with big risks," The (Memphis) Commercial Appeal, September 18, 2011; the investigative reporting is available online at: http://www.commercialappeal.com/landing-electrolux/

Notes: 

The package included: $77 million in bonds issued by the state; $20 million in cash; $3.1 million in FastTrack Job Training assistance; $1 million in other training assistance; $40.8 million in bonds backed by the city and the county; $8 million in land donated by the Port of Memphis; a 15-year PILOT property tax abatement worth an estimated $33.9 million; and a $3 million grant from Delta Regional Authority for infrastructure and workforce training. Also included is an estimated $41 million in state tax credits. We did not include in our total the $76 million in interest on the bonds estimated by the Commercial-Appeal or the $1.5 million in federal aid from the Tennessee Valley Authority. Electrolux was also exempted from diversity requirements for companies receiving local funds and from clawback provisions. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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