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PostPosted: Fri Oct 14, 2016 11:31 am 
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Was an interesting read, figured belonged in this section more as was very contentious to union when Dreamliner project plan was revealed. Seems to be working out well for Boeing and SC.

Boeing, North Charleston partnership changed each other for the better

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Hilarious and Spot on by Trump!


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PostPosted: Sat Feb 04, 2017 5:09 pm 
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South Carolina has been just one successful partnership between our Gov't-Business and labor after another. We have the worlds largest BMW plant, Boeing which is going to keep expanding and growing unless they vote to Unionize. Volvo is getting ready to break ground and Mercedes Benz is building a new and Sprinter Plant next to the old one.

Those are just the tip of the iceberg all over our state businesses just keep growing and expanding.

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PostPosted: Sat Feb 04, 2017 5:13 pm 
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http://www.bizjournals.com/seattle/news ... in-sc.html

http://www.postandcourier.com/business/ ... 4bfd6.html

Even more Boeing expansion news.

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PostPosted: Sat Feb 04, 2017 5:36 pm 
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Last edited by gounion on Sat Feb 04, 2017 6:15 pm, edited 1 time in total.

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PostPosted: Sat Feb 04, 2017 5:37 pm 
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PostPosted: Sun Feb 05, 2017 10:23 am 
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i see Boeing is making use of corporate welfare...

http://www.remappingdebate.org/article/ ... k/page/0/2
When the South Carolina legislature voted, in 2009, to offer Boeing a subsidy package to locate a factory in North Charleston, lawmakers were not presented with any detailed cost-benefit analysis beforehand, nor did they demand to see one. While the package was initially reported to be worth $450 million, it was later estimated that the full cost was at least twice that amount, far more than the $750 million that Boeing had agreed to invest.

Another example concerns a complicated instrument called Tax Increment Financing (TIF). The mechanism was born in California in the 1950s as a way to bring investment into underserved and impoverished communities. In general, municipal officials divert a portion of present or future revenue that would normally be destined for the municipality’s general fund into a dedicated fund that can only be used in and for the TIF district itself. In some cases, the diverted revenue is used for projects that benefit the TIF district as a whole, such as road repair. In others, however, the revenue is used to benefit a specific company, including direct payments to real estate developers and the financing of infrastructure to serve a particular corporation

Don't get me wrong, i'm not against such funding. It's the deal you make for such funding....
The report concluded that the recipients of the state’s largest tax incentive program were actually creating jobs at a slower rate than companies that had not received the incentives, and recommended several policy changes.


Some sources are saying that the tax payer is putting out a buck twenty five for every dollar Boeing is investing....
http://www.postandcourier.com/business/ ... 95be5.html
This much is clear: For every dollar Boeing has promised to invest, the state has promised Boeing more than $1.25 in benefits, either in up-front cash or in future tax breaks.

Not only that, it sounds like there's a clause that would allow Boeing to extent tax breaks into 2060...
Charleston County Council approved that part of the deal, along with a $50 million incentive that will give back half of Boeing's already-reduced property taxes on the assembly plant for 15 years.

And if Boeing invests the agreed-upon $750 million within 10 years, some of the property tax breaks could remain in force beyond 2060.

Sounds like T.I.F.. And that's a huge problem with T.I.F. T.I.F. districts should be open for 15 years and no more.

And for god sake, Glen, make decent comparisons. Why not compare Wallmart to Sams Club fer christ sake. How bout a little honesty with a comparison of Wallmart to Costco.

It's all right, i don't expect a reply. Most that toe a non union line don't like to compare a bad non union company to other non union companies that offer a decent living wage.

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PostPosted: Mon Feb 06, 2017 4:42 pm 
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Boeing received an incentive laden deal, which gives SC a foot in the door when it comes to the aircraft industry. Just as our states investment in BMW has paid off time and again in jobs, education and tax revenue. It is hoped that our investment in Boeing will also pay off.

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PostPosted: Mon Feb 06, 2017 4:44 pm 
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BTW, future and current tax breaks cost the state nothing. As all they are doing is giving tax breaks on money they wouldn't be collecting anyway had Boeing not come to town. In other words you cant lose that which you don't have.

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PostPosted: Tue Feb 07, 2017 8:30 am 
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BTW, future and current tax breaks cost the state nothing. As all they are doing is giving tax breaks on money they wouldn't be collecting anyway had Boeing not come to town. In other words you cant lose that which you don't have.


That's not true, Glen. The state would have been collecting taxes on the property and businesses that were there before the new development came in. In the case of T.I.F. funding, all of those previous taxes are "captured." That means previous tax revenue no longer makes it to the cities general fund and other coffers.

Keep in mind, i'm not against such funding. IT DEPENDS UPON THE DEAL MADE.

If you really are interested.....Notice the first graph in the link.......

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https://en.wikipedia.org/wiki/Tax_increment_financing
Unintended consequences of TIF subsidies[edit]
TIF districts have attracted much criticism. Some question whether TIF districts actually serve their resident populations. An organization called Municipal Officials for Redevelopment Reform (MORR) holds regular conferences on redevelopment abuse.[15]

Here are further claims made by TIF opponents:

As investment in an area increases, it is not uncommon for real estate values to rise and for gentrification to occur.
Although generally sold to legislatures as a tool to redevelop blighted areas, some districts are drawn up where development would happen anyway, such as ideal development areas at the edges of cities. California has passed legislation designed to curb this abuse.[16][17]
The designation of urban areas as "blighted,"[18] essential to most TIF implementation, can allow governmental condemnation of property through eminent domain laws. The famous Kelo v. City of New London United States Supreme Court case, where homes were condemned for a private development, arose over actions within a TIF district.
The TIF process arguably leads to favoritism for politically connected developers, implementing attorneys, economic development officials, and others involved in the processes.
In some cases, school districts within communities using TIF are experiencing larger increases in state aid than districts not in such communities. This may be creating an incentive for governments to "over-TIF," consequently taking on riskier development projects. Local governments are under no obligation to recognize when TIF designation would adversely affect a school district's financial condition, and consequently the quality of some schools can be compromised.
Normal inflationary increases in property values can be captured with districts in poorly written TIFs, representing money that would have gone into the public coffers even without the financed improvements.
Districts can be drawn excessively large thus capturing revenue from areas that would have appreciated in value regardless of TIF designation.
Approval of districts can sometimes capture one entity's future taxes without its official input, i.e. a school districts taxes will be frozen on action of a city.
Capturing the full tax increment and directing it to repay the development bonds ignores the fact that the incremental increase in property value likely requires an increase in the provision of public services, which will now have to be funded from elsewhere (often from subsidies from less economically thriving areas). For example, the use of tax increment financing to create a large residential development means that public services from schools to public safety will need to be expanded, yet if the full tax increment is captured to repay the development bonds, other money will have to be used.[19][20]

According to the experts, no more than 12 to 17 percent of you total tax base should be tied up in such funding. And, those tax breaks should sunset after 15 years, 20 at the most. i would be concerned that Boeing's breaks extend into 2060.

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