Incentives: How much did luring Remington plant cost AL? - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

Incentives: How much did luring Remington plant cost AL?

Source: Alabama Commerce Department Source: Alabama Commerce Department
HUNTSVILLE, AL (WSFA) -

Alabama spent more than a year, and a lot of money, trying to lure the nation's oldest gun manufacturer to build a plant in the state. Now that Remington Outdoor has made the expansion official, the incentives the state will pay out to the company for setting up shop here are now known.

The state fired $54.4 million in Remington's direction and successfully hit its target.

The money breaks down like this:

Remington will receive $38 million in incentives to offset a portion of the capital expenditures the company will make on the $110.9 million project, according to Alabama Department of Commerce.

Officials say the state's incentives will help Remington create between 1,868 and 2,100 jobs over the next decade. It will also help offset some of the costs required to retrofit Huntsville's former Chrysler facility as well as for purchase of equipment and machinery that the gun and ammunition manufacturer will need in order to do business.

The Dept. of Commerce also gave a $150,000 site preparation incentive.

Another $15.9 million will be provided by the Alabama Industrial Development Team (AIDT) which will provide pre-employment screening and training for the plant.

The state's totals do not include any figures from local incentives, which are not yet available.

The Commerce Dept. drew up a financial analysis on the value of the project through tax revenues the project will bring into the state and local governments over 10 and 20 year periods.

Filtering out tax abatements and credits, the Commerce Dept. estimates state and local tax revenues from the project will hit a cumulative $87.8 million in the first decade and $201.4 million over the second decade.

Copyright 2014 WSFA 12 News.  All rights reserved.

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