CHARLESTON, W.Va. -- What's the total value of the incentives the state showered on Gestamp to reopen the South Charleston stamping plant?
In May, Sean O'Leary, an analyst with the West Virginia Center on Budget and Policy, crunched the numbers and came up with an estimate: $84.4 million.
Now the consulting firm that helped Gestamp make the deal says the value "could eclipse an estimated $55 million."
BT ProjectPoint, headquartered in Indianapolis, describes itself as "a specialized independent advisory group" that assists businesses, real estate developers, municipalities and nonprofit clients secure debt financing and economic development incentives.
The firm has published an "Incentives Negotiation Case Study" that outlines how it helped Gestamp pick the South Charleston plant.
BT ProjectPoint said Gestamp needed an existing facility where it could establish a new, state-of-the-art, metal-stamping operation to supply automobile manufacturers.
The firm said it helped Gestamp search for a location. As previously reported, sites in five states -- Ohio, Indiana, Kentucky, Michigan and West Virginia -- made the list of finalists. The firm said all five states offered tax credits and incentives.
"BT ProjectPoint then completed a cross state cost comparative analysis to examine all various cost of doing business, including incentives, at the finalist locations," the firm said. "The cross state comparative examination led to additional incentives being provided to narrow cost disparity differentials."