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Various Authors 11:01 a.m., April 23
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.