Connect with us


Mazda-Toyota skipped N.C., but state still has $1.6 billion up for grabs



Mazda-Toyota skipped N.C., but state still has $1.6 billion up for grabs

Here’s how North Carolina’s unsuccessful $1.6 billion incentive package to attract a Mazda-Toyota auto plant breaks down:

Work force and training incentives
Talent identification and selection: $2,000,000
Community colleges custom training: $16,400,000
Golden LEAF specialized training center (supported by a nonprofit partially funded by tobacco settlement money used for economic development): $25,000,000
Apprenticeship program: $3,000,000
Japanese Saturday School program (a supplemental school program in Japanese language and academics for Japanese children living abroad): $100,000
Subtotal: $46,500,000

Site preparation
Land conveyance: $48,000,000
Site infrastructure development fund: $76,000,000
Subtotal: $124,000,000

Infrastructure development
Public water and sewer improvements: $37,252,000
Rail access and infrastructure improvements: $18,000,000
Road access improvements: $78,950,000
Electric infrastructure: $53,200,000
Natural gas infrastructure: $63,200,000
Subtotal: $250,602,000
Cost-reduction incentives
Corporate income and franchise tax savings: $565,650,000
Sales tax exemption on machinery and equipment: $54,000,000
Sales tax exemption on building materials: $27,000,000
Job development investment grant: $215,000,000
One North Carolina Fund (direct cash reimbursements): $200,000,000
Property tax grant: $100,000,000
Subtotal: $1,161,650,000

Supplier and supply-chain incentives
Supply-chain summits (meetings to develop local supply chain): $100,000
Supply-chain resource collaborative initiative (effort to foster collaboration among suppliers): $150,000
Upgrading skills and equipment for existing North Carolina suppliers: $5,000,000
International marketing to suppliers: $1,000,000
Subtotal: $6,250,000

Project management
Dedicated project management: $250,000
Subtotal: $250,000

TOTAL: $1,589,252,000

Source: Project New World North Carolina Incentive Summary

Source link

Continue Reading