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Ranchers.net

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............
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