ANNOUNCEMENT 01 Nov 2011In November 2011, a US state government announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
Main data from Good Jobs First at http://www.goodjobsfirst.org/sites/default/files/docs/Megadeals_February2015.xlsx.
Lisa Brown: "GM makes it official; jobs, pickup coming here," St. Louis-Post Dispatch (November 4, 2011)
The bond agreement is online at http://www.google.com/url?sa=t&rct=j&q=chapter%20100%20bonds%20and%20general%20motors&source=web&cd=2&ved=0CDUQFjAB&url=http%3A%2F%2Fwentzvillemo.iqm2.com%2FCitizens%2FFileOpen.aspx%3FType%3D4%26ID%3D10926%26MeetingID%3D1464&ei=03oyUcOFKa3W0gH01YGQDg&usg=AFQjCNFHdG04MmAKGE5t_C2uXCHVpR52hQ&bvm=bv.43148975,d.dmg&cad=rja.
In 2011 state and local governments in Missouri provided $336,800,000 in incentives to General Motors (GM) for the expansion of a motor vehicle assembly plant. When GM's decision to proceed with the expansion was made public in November, 2011, only the value of the Manufacturing Jobs Act subsidy was announced. The company was also authorized for additional subsidies under the Missouri Quality Jobs and New Jobs Training programs, and the city of Wentzville agreed to issue $300 million in bonds in order to qualify the plant for a ten-year, 75 percent property tax abatement.
The GTA includes state guarantees and other financial incentives thatare likely to affect the restructuring and performance of firms facinginternational competition, whether from imports, in export markets, andfrom foreign subsidiaries.