Subsidy Tracker Individual Entry

Company: 
Gestamp
Parent Company: 
Gestamp
Subsidy Source: 
state
Location: 
West Virginia
City: 
South Charleston
Project Description: 

auto parts stamping plant

Year: 
2012
Major Industry of Parent: 
automotive parts
Specific Industry of Parent: 
automotive parts
Subsidy Value: 
$98,300,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Capital Investment: 
$100,000,000
Source of Data: 

The subsidy package was described in: George Hohmann, "Job seekers want Gestamp work; State Secretary of Commerce Keith Burdette releases incentives the employer will receive," Charleston Daily Mail, April 20, 2012. The estimate of the value of the package is taken from calculations by the West Virginia Center on Budget and Policy posted on May 23, 2013 at http://www.wvpolicy.org/gestamp-property-tax-deal-worth-25-million.

Notes: 

When the Spanish company agreed to reopen an existing stamping plant that had been closed, it was became eligible for five state tax credits and exemptions that the Center estimated would be worth about $43 million. In addition, the state agreed to purchase up to $150 million in equipment for Gestamp, allowing it to save an estimated $26 million in property taxes. The state also agreed to provide $25 million in low-cost loans for other equipment purchases, $2.5 million for relocation expenses and other smaller items. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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