A state incentives agreement for Boeing Co. to build a new assembly plant in North Charleston gives the aerospace giant a financial soft landing if it doesn’t meet job-creation targets.
The 20-year deal also gives the Chicago-based company plenty of latitude in counting new jobs and extending deadlines, and doesn’t require that the state verify the company’s job-creation and investment numbers, according to a review by The Nerve of the 18-page agreement, obtained from the S.C. Department of Commerce under the state Freedom of Information Act.
In return for the relatively lax terms, Boeing will receive $270 million in bonds – most, if not all of which, likely will be paid out within several years – that with projected interest will cost state taxpayers nearly $400 million over 15 years.
