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Subsidy Tracker Individual Entry

Company: 
Northwestern Mutual Life Insurance
Parent Company: 
Northwestern Mutual
Subsidy Source: 
local
Location: 
Wisconsin
City: 
Milwaukee
Project Description: 

downtown office tower for insurance company

Year: 
2013
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
Subsidy Value: 
$50,500,000
Program Name: 
tax increment financing
Awarding Agency: 
Milwaukee Common Council
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
1,900
Capital Investment: 
$400,000,000
Source of Data: 

The subsidy, job and investment details came from: Tom Daykin, "Financing plan wins approval," Milwaukee Journal Sentinel, May 1, 2013. See also TID 78, Northwestern Mutual Life Insurance Co. Periodic Report dated 12/31/15, available at: http://city.milwaukee.gov/ImageLibrary/Groups/cityDCD/business/TIF/2015-.... Workforce development information came from Beth Kevit, "Workforce development program would ensure locals build Northwestern tower in Milwaukee," The Daily Reporter (Milwaukee, WI), May 14, 2014.

Notes: 

The subsidy package awarded the company property tax rebates of $50 million over 25 years through the creation of a TIF district. The TIF revenue was also to be used for $22 million in infrastructure improvements near the building; these are not included in the subsidy total. The Wisconsin Regional Training Partnership Inc. provided a four-year $500,000 workforce development training program. Overlaps with main Subsidy Tracker data: a 2013 $50 million entry for the company for TIF.

Source Notes: 
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