Company: Ford Motor Co. Parent Company: Ford Motor Subsidy Source: state Location: Tennessee City: Stanton County: Haywood Project Description: electric car and battery plant Year: 2021 Major Industry of Parent: motor vehicles Specific Industry of Parent: motor vehicles Subsidy Value: $884,000,000 Program Name: multiple Awarding Agency: multiple Type of Subsidy:
Number of Jobs or Training Slots: 5,800 Capital Investment: $5,600,000,000 Source of Data: Information on subsidies, the Authority, and Tennessee Coalition for Open Government concerns taken from: Yue Stella Yu, "Tennessee legislature gives final nod to $884M Ford deal," The Tennessean, October 26, 2021, via LexisNexis. See also: John Klyce, "Ford Motor Co. to invest $5.6B in Memphis Regional Megasite, create 5.8K new jobs," Memphis Business Journal, September 27, 2021; (click here). See SB8002 text at (click here) and SB8001://wapp.capitol.tn.gov/apps/BillInfo/Default.aspx?BillNumber=SB8001 Notes: In September 2021, Ford announced a plan to build an electric vehicle and battery plant at the Memphis Regional Megasite in Haywood County, TN (Ford announced at the same time two battery plants in Kentucky; see separate entry). In October, the Tennessee legislature passed and the Gov. Lee signed SB8002, which provided $884 million to Ford, which will partner with SK Innovation, a South Korean company, to produce batteries at the site. The 3,600-acre campus was named Blue Oval City. The subsidy package included: $500 million in direct grants; $200 million for road construction through the Department of Transportation; $138.2 million for infrastructure development and site preparation from the Department of Economic and Community Development; $40 million to build a Tennessee College of Applied Technology, which will train workforce; and $5 million for legal services. This does not include any tax-based subsidies that Ford might be eligible for or any local property tax abatement. Because Ford will build on publicly owned land, another bill, SB8001, created an 11-member Megasite Authority of West Tennessee that will govern the public site. The authority will cost the state little less than $1 million a year to operate. This is not included in the total. Tennessee Coalition for Open Government expressed concerns over the authority's ability to deny the public access to information. The state also spent $200 million over the years to build out the site; this is not included in the total. Overlaps with main data: none. Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.