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Financial incentives for bringing IBM to Columbia

Monday, May 17, 2010 | 7:12 p.m. CDT; updated 9:35 p.m. CDT, Monday, May 17, 2010

COLUMBIA — It took a lot of doing — and a lot of money — to bring IBM to Columbia. Here's a look at the incentives that government and other entities provided.

State incentives:
Local incentives:

The city of Columbia will buy the building at 2810 LeMone Industrial Blvd. for $3 million and will lease it to the company for $1 per year for 10 years with an option to extend it for an additional 5 years at the same price.

Boone County will provide a 50 percent property tax abatement on personal property for the depreciable life of equipment and will exempt personal property from sales tax.

A local work-force training consortium will donate office space for recruitment and training.

Local media will donate $88,000 for job recruitment advertising.

Source: Regional Economic Development Inc.


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Comments

Allan Sharrock May 17, 2010 | 8:33 p.m.

What they didn't come to Columbia because of our extensive park and trail system?

(Report Comment)
Gregg Bush May 18, 2010 | 7:58 a.m.

I offer the city the same option with my home! Please buy my home from me - I promise to lease it from you for $1 a year. The money I save will go into creating jobs. I'll hire people to put new energy efficient windows on my home. I'll hire a landscaper. I'll hire builders to put on an addition to my house. I'll hire lots of people. I'll hire people to do technology research. How can I sign up for that?

(Report Comment)
hank ottinger May 18, 2010 | 8:07 a.m.

Mr. Sharrock: I'll bet that the lifestyle amenities in our fair city such as trails, parks, a vibrant downtown scene, some fine restaurants, and a somewhat vibrant social scene played a part in IBM's decision--perhaps not a major part, but a part nevertheless.

(Report Comment)
hank ottinger May 18, 2010 | 8:56 a.m.

Sorry--should've proofread that a bit...the scene's not that "vibrant."

(Report Comment)
hank ottinger May 18, 2010 | 1:41 p.m.

Ah-ha: in a later Missourian article:

Assistant City Manager Tony St. Romaine, who was closely involved in negotiations, said it was more than incentives and the prospect of an educated work force that lured IBM to town.

“The other incentive for choosing Columbia that we heard loud and clear (from IBM) was because they were attracted to the community,” he said. “The culture, the arts, parks and trails can be an important piece of economic development. They attract employers like that because they want a good place for their employees to live.”

(Report Comment)

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