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By SHERYL JEAN
Staff Writer sjean@dallasnews.com
State and local governments across the U.S. spent $64 billion, or an average of $456,000 per job, to recruit and retain businesses in so-called megadeals worth $75 million or more, according to a recent report by Good Jobs First, a Washington, D.C.-based nonprofit. It identified 240 economic development megadeals in the last 35 years. The number and cost of such subsidy packages are rising, up fivefold since the 1990s.
Texas megadeals
Texas deals commonly include property tax abatements, tax increment financing and grants from the state, counties, cities and school districts. But they sometimes include infrastructure, site preparation, sales tax rebates, and job training and services. The top Texas deal of the last three decades was to a retailer. Amazon.com (2012) Distribution centers Subsidy: $269 million Jobs promised: 2,500 Summit Power Group (2011) Coal power plant with carbon capture Subsidy: $91.6 million Jobs promised: 100 Statewide FedEx (1996) Air cargo hub Subsidy: $250 million Jobs promised: 1,016 Nebraska Furniture Mart (2011) Megastore and related development Subsidy: $802 million Jobs promised: 850
RadioShack (2002) Corporate headquarters Subsidy: $96 million Jobs promised: 2,400
Ector County Fort Worth
Texas Instruments (2003) Semiconductor plant Subsidy: $600 million Jobs promised: 1,000 Anadarko Petroleum (2012) Office tower Subsidy: $175 million Jobs promised: 450
Samsung (2006) Semiconductor plant Subsidy: $233.4 million Jobs promised: 900 Samsung (2012) Semiconductor plant Subsidy: $83.6 million Jobs promised: 25
Austin Buda San Antonio The Woodlands
Toyota (2003) Auto assembly plant Subsidy: $133 million Jobs promised: 2,000
Cabelas (2004) Stores (Fort Worth and Buda) Subsidy: $113.8 million Jobs promised: 600
Michigan: 29
Texas: 12
NOTE: Excludes sports arenas. SOURCES: Good Jobs First; Texas Comptrollers Office; Texas Governors Office