ST. LOUIS – LMV Automotive Systems will get more than $5 million in Missouri tax incentives through four state corporate welfare programs over the next decade to build a plant in Liberty.
The plant will employ 156 workers, Missouri News Horizon reports.
The company, part of Magna International, will make underbody structural assemblies for its Transit commercial van, which will be made at Ford Motor Co.’s nearby Claycomo plant.
LMV will collect from three state corporate subsidies, including one that gives state companies more than $50 million in annual tax breaks, highlighted in a Missouri Watchdog story Monday
LMV will get $2 million through the Missouri Quality Jobs program, $1.6 million through the Missouri BUILD program and $500,000 in job-training incentives. Liberty will also get a $1.5 million Community Development Block Grant for infrastructure improvements around the facility benefitting LMV.
Watchdog reported Monday the Missouri Quality Jobs program is one of only five state corporate welfare initiatives in the United States that allows companies to keep 100 percent of workers’ state taxes during the eligibility period.
To earn that money, LMV must employ at least 100 new workers.
If LMV hires 156 as planned it will receive nearly $36,000 in tax breaks and infrastructure assistance per job.
State officials, including Gov. Jay Nixon, broke ground at the site Monday. Construction on the $42 million plant is scheduled to be completed in April.