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Old 04-06-2007, 10:17 AM
 
297 posts, read 781,426 times
Reputation: 50

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Looks like Lenoir may have payed too much for Google to come to the area. As many have complained in the past. This article points out the HIGH costs of concessions for Lenoir to recieve 1 of several server farms that are being installed in the south. Looks like SC negoiated a much better deal.


Quotes from articles:
"That announcement came just a few months after North Carolina officials and Google announced a $600 million facility and 210 jobs in exchange for tax breaks that could be worth more than $260 million over 30 years."

"The Incentives

South Carolina gave Google a $4.8 million grant for creating jobs. S.C. Commerce officials said they do not know the value of the electricity sales tax exemption for Google. But at the local level, the company might not have to pay any property tax.

Google and Berkeley County, S.C., officials negotiated an agreement, using a state formula, which allows Google to pay an annual fee in lieu of taxes of $2 million. But the local government can return much or all of that money to the company as an annual credit, if Google makes certain additional investments.

North Carolina's legislature approved sales tax exemptions on electricity over 30 years worth $89 million. The state gave Google a job development grant of $4.7 million in exchange for creating jobs, and officials in Caldwell agreed to tax exemptions potentially worth more than $160 million."


Google deals in Carolinas raise questions about negotiations
http://charlotte.com/204/story/75965.html (broken link)

Google kept N.C.
officials guessing
Announcement of S.C. site raises questions about claims that Lenoir faced competition
http://www.charlotteobserver.com/122/story/76072.html (broken link)
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Old 04-06-2007, 10:57 AM
 
9,074 posts, read 18,625,683 times
Reputation: 8400
Thumbs up Only time will tell

Good info Duke. There have been several articles in the the Raleigh papers as well about this deal and the different economic models used to craft it. Some think the model used was flawed while others think the model is good but was used inappropriately . Guess we will have to wait and see how it turns out. By the way ...... Lenoir is about 70 miles northwest of Downtwon Charlotte right? Does this deal have any close ties to the Charlotte Metro area?
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