Delaware: Offered a strategic fund grant worth $9.6 million over five years. Part of that amount includes $3.6 million the company will receive for the creation of 400 jobs. Other strategic fund grants were awarded in the form of matching up to 3 percent of the company’s capital expenditures up to $6 million, which would require the company to spend at least $200 million in the state over a five-year period to receive the full amount.
The new ag company will be headquartered in Wilmington, currently the home of DuPont.
Indiana: Officials offered no retention incentives up front, instead focusing on performance-based incentives the company could be eligible for if they create jobs going forward.
Indianapolis will become a "global business center" for the new company though the company has not said what effect the change will have on the 1,400 employees at the existing Dow AgroSciences, which specializes in crop protection and seed products.
Iowa: Offered $17,238,000 in state, city and county incentives to the company. Officials say the incentives assure that the company will more or less maintain current staffing levels of about 2,600 in Johnston. But much of the state incentives are tied to the 250 to 500 research and development jobs the company expects to retain.
Johnston will also become a "global business center," keeping research and development, sales and marketing teams, and business support functions.I am amused to read that the director of the Iowa Economic Development Commission considered their incentives "extremely modest."
(I sure as hell hope there was some level of collusion between Iowa, Indiana and Delaware to cap the level of incentives they were willing to offer.)
When I was younger, I used to think the use of public funds to attract corporate investment (and jobs) made a lot of sense. Over the past fifteen years or so, I've changed my mind. It seems that the balance has shifted (as has so many things) in favor of corporations, and playing American locality against American locality on who is more willing to drop their property taxes just doesn't seem wise anymore. I am not exactly a "there oughta be a law" type, but it'd be pretty wonderful if there was a federal law that discouraged this sort of race to the bottom.