Hyundai of Korea built an automobile plant in Alabama. The top pay for workers tops out at $18 per hour. They employ approx. 1200 people.
Please tell me how this endeavor will pay for all the tax incentives listed from a list compliled by the Govenors office: (By the way, the tax incentives and costs since this estimate was released have nearly doubled)
HYUNDAI INCENTIVES
Site purchase and development: $34 million, paid by state and local
Water and sewer improvement: $21 million, local
Teague Road upgrade: $9 million, state and local
U.S. 80 improvements: $14 million, state
Upgrade of access road to interchange: $6 million, state
Training facility: $7 million, state
Training equipment: $54.8 million, state
Advertising: $10 million, Retirement Systems of Alabama
Housing assistance program: $1 million, Alabama Housing Finance Authority
Alabama project coordinator: $450,000, state
Alabama Korean office: $450,000, state
Montgomery project coordinator: $150,000, local
Foreign trade zone: $50,000, local
Electrical improvements: $6 million, private
Natural gas improvements: $4 million, private
Telecommunications improvements: $200,000, private
Rail expansion: $8 million (estimated), private
Property tax abatement: $26.9 million, state and local, excludes school taxes
Sales tax abatement: $18.6 million, state and local
Mortgage record tax: $1 million
Corporate income tax credit: $29 million, state
City building permit fee abatement: $1.2 million
TOTAL PUBLIC ECONOMIC INCENTIVES: $157.9 million
TOTAL PRIVATE ECONOMIC INCENTIVES: $18.2 million
TOTAL TAX INCENTIVES: $76.7 million
TOTAL PUBLIC INCENTIVES: $234.6 million
TOTAL INCENTIVES: $252.8 million
My argument with the proposal when a public hearing was held was to take this same amount of money, make small business no interest loans, that would employ more people and that they would get the money back faster with more local stimulus............