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Subsidy Tracker Individual Entry

Company: Federal Express
Parent Company: FedEx
Subsidy Source: local
Location: Texas
City: Fort Worth
County: Tarrant
Project Description: air cargo hub
Year: 1996
Major Industry of Parent: freight and logistics
Specific Industry of Parent: package delivery
Subsidy Value: $250,000,000
Program Name: multiple
Awarding Agency: Alliance Airport Authority
Type of Subsidy: 
MEGADEAL

Number of Jobs or Training Slots: 1,016
Capital Investment: $300,000,000
Source of Data: The subsidy value and jobs projection came from: Jack Z. Smith, "Council expected to approve bond sale for FedEx hub," Fort Worth Star Telegram, March 20, 1996.
Notes: The city and the airport arranged for the issuance of $250 million in tax-exempt private activity bonds to cover Fedex's construction costs. The company had responsibility for servicing the debt but was allowed to do so by diverting lease payments on the facility, which was incorporated into the city-owned airport, making it exempt from real property taxes. The value of that subsidy was not reported. 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.