Wal-Mart Subsidies in Nitro, WV
|Address||100 Nitro Marketplace|
|Type of Facility||Supercenter|
|Value of Subsidies||$4.9 million|
NarrativeThe city gave a 20-year Business & Occupation tax break to THF Realty for a shopping center anchored by a Wal-Mart Supercenter and a Lowe's as reimbursement for infrastructure improvements. The city keeps the first $36,000 in tax revenue each year; the developer keeps the next $400,000 as well as 80% of revenue over $436,000. Based on information from local officials, we estimate the total subsidy to be worth $9.8 million. We assume half the subsidy can be attributed to each anchor, making Wal-Mart's portion $4.9 million.