Posted on 01/04/2018 9:06:56 AM PST by Behind Liberal Lines
DeWitt, N.Y. -- In 2014, the development arm of SUNY Polytechnic Institute agreed to build, with $90 million in state money, a factory in DeWitt for an LED light bulb manufacturer.
The company, California-based Soraa, agreed to create 250 full-time, high-tech jobs at Collamer Crossing Business Park and to encourage Soraa contractors and suppliers to create another 170 jobs in Central New York.
In return, the company would be allowed to lease the factory for $1 a month for 10 years.
But the deal with SUNY Poly's Fort Schuyler Management Corp. did not require Soraa to spend any of its own money to build or equip the factory. And it contained no penalties if the company did not occupy the building or create the promised jobs. The company never even signed a lease.
So when Soraa recently said it no longer needed the factory and pulled out of the deal just as the state was completing construction of the 82,000-square-foot building, there was nothing the state could do about it.
The state was left with a factory, nearly fully equipped, but no company to use it....
(Excerpt) Read more at syracuse.com ...
The politicians love to take your money and give it to those who they favor.
Don’t worry though, no government employee involved in this HORRENDOUS deal will lose their job or their pension.
Is laughing out loud about this okay?
I’m guessing Cuomo had to have brought in Connecticut’s governor Dannel Malloy for guidance as to how to achieve this kind of outcome.
Maybe I should go to New York and ask them to build AND pay for a craft beer brewery.
Would create jobs and there is no shortage of people wanting to buy beer.
The Government needs to back out of business decisions - when it comes to good sense they are fools.
$90 million for 250 jobs. Sounds very Solyndra-worthy.
Give me $90 million and I could create that many jobs with fast-food restaurants.
These “new business” incentives so often turn out to be a beat-down on the taxpayers.
First of all, a business should be able to survive without government support.
Secondly, I always see new business incentives to be a finger in the eye of existing businesses.
These business have been loyal, supported the community, and paid boatloads of taxes, but the government turns it back on its old faithful wife to try to induce some flashy new girl to get in bed with it. Never works out well.
California-based, the first problem, second is the self righteous scum runner Cuomo and his band of criminals.
This is a blue state. Many of those millions went to unions, political contributions and kickbacks.
SUNY pol is corrupt, many have already been prosecuted.
http://www.localsyr.com/news/soraa-leaves-multi-million-dollar-dewitt-facility/886326688
A new company is supposedly moving in for $15M more.
“Don’t worry though, no government employee involved in this HORRENDOUS deal will lose their job or their pension.”
But get caught with a 20 clip magazine and see what happens.
Upstate bump
More than likely. Yeah the fact that it is New York wasn’t lost on me.
There are a lot of groups that make their money off gov’t funds. How many bonehead plays like this does it take before a state becomes financially insolvent?
Sounds like Public Housing.
When are NJ taxpayers going to wake up? NJ.gov. sucks the lifeblood out of them, and they lie down like a bunch of stupid sheep!
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