Leader of local Economic Development Council explains Rivian deal

Posted on May 7, 2024
Bloomington-Normal Economic Development Council President and CEO Patrick Hoban visited WJBC’s Afternoon Show. (Photo courtesy: BNEDC/Facebook)

By Blake Haas

NORMAL – A deal brokered between the State of Illinois and Rivian Automotive in Normal does not involve local taxpayers’ dollars. 

This week, Gov. Pritzker announced an $827 million incentive package for Rivian Automotive as part of the new Reimagining Energy and Vehicles (REV) in Illinois incentive package. 

Rivian CEO RJ Scaringe reports the funds will go towards the expansion of the plant, job training programs for Rivian’s workforce, and hiring 550 new employees. 

“So instead of paying the income tax to the State of Illinois, when those new 500 jobs are created, that’s where that credit is coming from,” Patrick Hoban, President and CEO of the Bloomington-Normal Economic Development Council, said on WJBC’s Afternoon Show. 

So whenever we pay our individual taxes and check that little box, I’m like, ‘Yes, I want to claim my daughter so I can get that credit.’ I don’t get that credit unless I pay that money. So, it’s the same thing. I know a lot of individuals are saying, ‘We’re giving all these state dollars away.’ They’re not taking my money; they are getting back their money as a credit.” 

The incentive package requires Rivian to create 550 full-time jobs within the next five years. 

Blake Haas can be reached at [email protected]. 

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