Under the deal, Boeing will get $229 million over 18 years if its current St. Louis-area workforce increases by 2,000 jobs. If it maintains employment at its current level of 14,500 jobs, Boeing would collect up to $146 million of the state incentives over 10 years. And the company would collect a smaller subsidy as long as its job count stays above 12,500. Boeing would have to give back money if the job count falls below 11,000 any time in the next decade.
“We want them to retain their current employment and create 2,000 new jobs. That’s our primary objective,” said Mike Downing, director of the Missouri Department of Economic Development.
Paying Boeing to retain the jobs it already provides is “pretty unique,” said Richard Ward, a longtime St. Louis development consultant. “It’s not normal, not frequent. The state is trying to make sure they continue a significant presence.”