This one is for KSM Castings to create 189 jobs in Cleveland County. Under the terms of the agreement,
…the company has been awarded a grant of up to $705,000 from the state’s One North Carolina Fund. …One North Carolina Fund grants require a local match, and this grant is contingent upon approval of local incentives.
Today, the state Economic Investment Committee voted to award a Job Development Investment Grant (JDIG) to KSM Castings. …
Under the terms of JDIG, the company is eligible to receive a grant equal to 65 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the 12 years in which the company meets annual performance targets. If KSM meets the targets called for under the agreement and sustains them for 12 years, the JDIG could yield as much as $2.86 million in maximum benefits for the company.
So $705,ooo from the One North Carolina fund, local matching funds, and $2.86 million from JDIG. Sounds to me like we’re somewhere over $4 million all in, or around $22,500 per job created. That’s an awful lot of taxpayer money to a private company.