Here's another one of those local "economic growth" jobs stories in a very long, long line of stories posted at this blog about government power and its ability to leverage millions in collectivist dollars away from one constituency to give to a select other - that without it, so-called business expansion and growth would NOT be happening. For all the conservative blowhardery about the "free markets" and getting government out of the way, in reality this is the exact opposite from what they preach.
It's a forever thing.
The latest story is out of Beloit where a Georgia-based cardboard/paper packaging and recycling company with more than 4,400 employees in twenty states plans to build a new facility in Beloit and create up to 140 jobs. The company is so successful that they needed a $1.75M "low interest loan" from state government to buy equipment along with another $6M combined in tax credits and other capital give aways. The total "package" from government collectivism blows past $10M.
Other incentives from Beloit include 35 percent of property taxes refunded over the next eight years worth about $1.1 million; about $1.7 million in land; $200,000 in tax credits; $200,000 in wetland mitigation costs; $350,000 in a matching grant from the Transportation Economic Assistance Program; and $200,000 in site preparation credit. In total the city and the GBEDC incentive package is about $5.6 million.
In addition, state government’s development agency is providing $4.5 million in incentives including about $2.4 million in jobs tax credits, a $1.75 million loan and a $350,000 grant from the Transportation Economic Assistance (TEA) program.
LOL. Why stop there?
I take it they weren't too interested in buying one of those Rock County Alliance shovel-ready sites. Buying? Wait a second, don't start getting crazy on me now.
Obviously there's a dollar value on all this stuff. Those are numbers posted. Someone is paying. But everyone is smiling.
Oink - Oink! Hee Haw!!
Plain and simple. Without those collectivist government leveraged "incentives," funding corporatism ...Doh! My bad, I mean, "complimentary financial tools" ...business projects of this scale would fail to materialize. We are told.