Corporate Welfare Weekly - December 18, 2009 – Issue 29

Recent Announcements…

$137,590 to Talon Systems, Inc., an Ontario-based household-storage cabinet and furniture manufacturer. Statesville and Iredell County awarded industrial grants totaling $91,000 and the state awarded a $46,590 grant from the One North Carolina Fund. The company will open its first U.S. plant in Statesville.

                ~ Bethany Fuller, Statesville Record & Landmark, December 18, 2009

$28,500 in local incentives to Blow Molded Solutions from the town of Mayodan and Rockingham County. The incentives will be in the form of property tax refunds over three years, starting in 2012. The plastics molding company must employ 19 people and make a $1 million investment in building improvements, machinery and equipment by the end of 2010.

                ~ Morgan Josey Glover, News & Record, December 17, 2009

$26,200,000 in potential incentives has been granted to Electrolux, a Swedish appliance maker. Electrolux will receive $1.2 million from the One North Carolina Fund and as much as $25 million in tax credits from JDIG (Job Development Investment Grant) benefits. The company will be moving its North American headquarters from Augusta, GA to Charlotte.

                ~ Stella M. Hopkins, Charlotte Observer, December 16, 2009

$208,000 in incentives to Thermo Fisher Scientific, Inc. from the One North Carolina Fund to expand its Weaverville operations. The local manufacturing plant announced the expansion on Tuesday, December 15. The article describes Thermo Fisher manufactures as a “cold storage equipment, centrifuges and ovens for medical and research labs.”

                ~ John Boyle, Asheville Citizen Times, December 16, 2009

$9,150,000 to IEM, Innovative Emergency Management Inc., a Louisiana-based international risk management consulting firm. The incentives include $9 million in tax rebates as part of a Job Development Investment Grant and a $150,000 grant from the One North Carolina Fund. The incentives are contingent on a local match from Durham County.

                                Capitol Broadcasting Company, WRAL, December 14, 2009

Quotes of the Week…

“We’ve been in the incentive game now for 14 years. It’s a game none of us particularly like to play in. I refer to it as a high stakes poker game.”

~ Senate Finance Chairman David Hoyle of Gaston County stated while being questioned by NBC 17 about the special tax credit passed for Apple Computers. Hoyle was the main sponsor of the controversial tax bill. Apple could save up to $46 million over the next ten years.

“I would welcome any business that wants to create 50 jobs, 100 jobs, but I don’t think these businesses ought to come here and say they need a special arrangement before coming here. Treat all businesses equal.”

~ North Carolina Senator Phil Berger of Rockingham County stated while being questioned byNBC 17 regarding the Apple Computers special tax bill. Berger was against the legislation.

Attention Corporate Welfare Weekly Recipients!

NCICL’s Center for Economic Development Reform is starting off the New Year with a fresh perspective. 
Upon returning from your holiday vacations or fun times with family and friends, you will begin to receive the Corporate Welfare Weekly newsletter on Monday instead of Friday.