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 ...
With all the available slave labor, when the Chinese whore out an industry, nobody can compete.
Terrible...
Exactly, must be great to have government subsidizing a competitor newcomer.
Having politicians who have a basic understanding of Contracts is not such a bad idea.
A headline comprising these three items is all you need to know:
“...SUNY (Sate University New York)
“...state money
“...LED lightbulb...”
“SUNY and LED Lightbulb Maker Fleece Taxpayers.”
A state school used state money to help a federally mandated green weenie product manufacturer. A good time was had by all.
LOL, sounds like those 250K high tech jobs Hillary promised NYS. (btw, via her “connections”) High tech jobs need high tech people, does Dewitt NY have them? Are there people who like snow available? Its a suburb of Syracuse, so there are all sorts of highways, airports and RR connections for commercial enterprise. ??? Its probably a cost factor problem involving tax deals and pay offs?
I don't mean to sidetrack the thread over a vocabulary slip, but I would love to see a 20 clip magazine. :)
Cueball signed upstate’s death warrant when he permanently banned fracking in NYS for no other reason than politics.
“Maybe I should go to New York and ask them to build AND pay for a craft beer brewery.”
Just ask them to convert the existing building. Will take less time and you can be in business by spring.
Soraa has just under 200 employees, and is in the process of building a new factory in Syracuse, New York to add production capacity beyond that of its current factory in Fremont, California.
A funding filing from 2011 shows that Soraa raised at least $88 million....
They make LED light bulbs for $50 and you need a $30 controller for it. One controller will control multiple lights. The controller helps adjust the lighting to help you sleep better....
20 clips?.......that some magazine!..............
from the source article:
....make semiconductors for the electronics industry. It does not yet manufacture anything. The DeWitt facility will be its first manufacturing operation.
Dinesh Ramanathan, NexGen's president and CEO and one of its founders, also was CEO of Avogy Inc., a Silicon Valley start-up that planned to make power sources for electronic devices such as computers...."
read the full article, it gets better.
Carefully avoids naming names, only the arrested former head is mentioned, not the other members of the board that approved this fiasco. 'Nuff said.
They could spend $90 million to build a factory at the bottom of the ocean or at the South Pole and it would have a better chance of creating jobs than one built in New York state.
Meanwhile, Pennsylvania's economy is booming because of fracking.
The LED competes with an incandescent. Absent government intervention the LED was never going to win that competition except in a few niche markets.
The labor component for LEDs is insignificant. With a sane tax code and a government which does not hate manufacturing we will make LEDs here. But it won’t employ many people.
Why don’t the good New York Bolsheviks just run their own lightbulb factory on Socialist Principles....
Dr. “Nano” Kaloyeros and his cohorts handed out many million dollar construction contracts to Cuomo campaign donors. Dr. Nano and his goons rigged the contracts throughout upstate NY.
I’m sure the company gave money to the candidates who built someone else’s building.
I find it hard to believe this level of incompetence in negotiations of this deal.
I wonder what sleazy NY representation got a kick back from the contractor to be awarded the bid to build this facility for no purpose.
“The state was left with a factory, nearly fully equipped, but no company to use it....”
Suckers. Now follow the money.
L
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