General Atomics was founded in 1955 as a division of General Dynamics. They specialize in defense and diversified technologies, which include production of electro-magnetic aircraft launch and recovery systems, satellite surveillance systems, electro-magnetic rail guns, high power lasers, as well as many other technologies. The US Navy and US Department of Energy are two of General Atomics’s main clients. The global company currently employs over 15,000 people.
General Atomics planned on investing over $60 million in their current Lee County, Mississippi location. The investment will include four new buildings and the addition of new equipment and machinery. The company looked to McGuire Sponsel to procure incentives for the growth project. McGuire Sponsel worked with Lee County to negotiate a fee in lieu of taxes (FILOT). Lee County agreed that General Atomics will pay 1/3 of its property taxes on qualifying investments for the next 30 years as a FILOT. Lee County’s requirement on minimum capital investment for the project was $60 million. With the help of McGuire Sponsel’s credits and incentives team, General Atomics will save around $6.8 million in tax payments over the first 10 years of the FILOT agreement.
Lee County FILOT
State and Local Incentives
|Lee County FILOT||$6,800,000|