Ed Bedford noon, March 27
Scripps among largest subsidy grabbers
Burnham, Torrey Pines, Amylin make more inclusive welfare list
Good Jobs First, which is doing yeoman work showing the economic damage of big corporate welfare projects, is out with a new study, "Megadeals: the largest economic development subsidy packages ever awarded by state and local governments in the United States." The study examines payments of public money to get a corporation or nonprofit to relocate, build a plant, expand, or otherwise claim to provide jobs in exchange for a fat subsidy of public money.
Among the 18 largest such megadeals, and also among the largest megadeals per job, Scripps Research Institute makes the list. Florida gave it $545 million to create 545 jobs -- a whopping $1 million per job. (These Florida subsidies to San Diego nonprofits have been covered here in a number of columns; one on May 25 of 2011 listed the enormous Florida subsidies given Scripps, Sanford-Burnham Medical Research Institute, and Torrey Pines Institute. The first such column was on Scripps in 2004.)
In a broad list of megadeals, also listed are Amylin Pharmaceuticals, which got $117 million to create 500 jobs in Ohio in 2007; Sanford-Burnham Medical Research Institute, which got $233.6 million to create 303 jobs in Florida in 2006, and Torrey Pines Institute, which got $81.9 million to create 189 jobs in Florida in 2006.