Cushman & Wakefield Proposal_SES 1.11.23
HO
SCOPE OF WORK
BUSINESS INCENTIVES CONT’D Below is a high level summary of typical economic development tools for five prominent states in the Southeast as well as a recently incented company benchmark.
Grants or Monetizable Incentives
Property Tax Relief or TIF Financing
Infrastructure Programs
Utility Cost Incentives
Location
Sales Tax Relief
Notes
Notable Recent Incentives
Nucor ($350M Capex, 180 Jobs)
Most state programs are based on headcount; however, depending upon location there could be a strong grant funding for capital investment. Recently reduced property tax assessment ratio for manufacturers. Property tax relief can be negotiated for up to 30 years. Strong state grant program and TVA (electric) can also provide cash grants to projects.
Incentives: - Employee Withholding Incentive - Cash Grant - Utility Infrastructure Incentive - Rail spur construction - Local cash grant on incremental property taxes
North Carolina
Yes (in form of grant)
Yes, in certain locations
Manufacturing
Yes
Yes
Tyson Food ($300M Capex, 376 Jobs)
Manufacturing and building materials 1
South Carolina
Yes
Yes
Yes
Yes
Incentives: - State Grant - Tobacco Region Opportunity Fund
Mullen Technologies ($362M Capex, 434 Jobs)
Tennessee
Yes
Yes
Yes
Manufacturing
Yes
Incentive: - Property tax relief on building and equipment
Shaw Industries Group ($400M Capex, 300 Jobs)
For a BTS location, company may have the opportunity to compete electric providers.
Yes, depending upon location Manufacturing
Incentive: - Infrastructure grant - Employee Withholding incentive - 20-year FILOT incentive
Georgia
Yes
Yes
Yes
Aspen Aerogels ($325M Capex, 250 Jobs)
Virginia has multiple cash grant programs. In counties boarding TN and NC, there is grant funding through the Tobacco Commission
Incentive: - Grant - 10-year property tax savings - Discounted project site - Infrastructure grant
Virginia
Yes
Generally, no
Yes
Manufacturing
Yes
1 Based upon investment structure
Made with FlippingBook Ebook Creator