How badly did lawmakers in Iowa want Facebook’s new state-of-the-art server farm? Bad enough to hand the company $18 million in tax cuts.
The new Facebook server facility will be built in Altoona, Iowa and will cost $300 million.
According to The Des Moines Register:
The Iowa Economic Development Authority board today approved $18 million in tax credits for Facebook’s $300 million data center in Altoona.
“Welcome, Facebook,” said board member Pete Brownell. The data center project has been referred to as Siculus Inc. in state documents.
Debi Durham, the state’s economic development director, said she expected that Facebook’s investment would grow to a billion dollars within five or six years.
“It’s good to be friends with Facebook,” she said. Gov. Terry Branstad said Facebook is “about as high-profile a company as it gets.”
Based on those job numbers Facebook will receive $580,000 per job it creates.
While handing Facebook $18 million might seem like a waste of tax dollars, the move could help bring more tech company’s to the area, which in turn will bring new industry to Iowa.
[Image via Wired.com]