City Industrial Development Board Expected To Approve VW Expansion Incentives Thursday

Sunday, July 20, 2014

The City Industrial Development Board is expected to act Thursday morning to approve a package of incentives for the Volkswagen expansion for the production of a new mid-size SUV line.

The package includes $52.5 million from the city and county.

The state incentives include $165,778,000 in grants, plus $12 million for training workers.

Volkswagen is to get abatement on property and real taxes except for the school portion. VW is to pay $250,000 per year to the city and county for 10 years as an economic development fee.

The IDB earlier approved tax incentives for the initial plant, producing Passats.

 



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