Ok, so I’m havin’ a bit of fun with a title today. Many folks might well recall the from bad to worse tire incentive deal a while back wherein the Governor said that giving $40 million in incentives to Goodyear and Firestone was a bad deal and way to much and then negotiated a $60 million deal. Just an update from our good friends over at NCICL.
The Triangle Business Journal reported in a January 22 article that the time has come for two tire plants to receive millions in promised incentives.
“A state committee is gathering data to determine whether two large eastern North Carolina tire manufacturing plants each will receive their first $2.5 million in cash payments under a program aimed at retaining jobs.
The General Assembly created the program back in 2008, agreeing to give Goodyear Tire inFayetteville and Bridgestone Americas in Wilson $30 million each over the next 10 years if they continue to employ at least 2,000 full-time workers at the operations and meet other requirements.
…The decision on whether the first incentive installments will be paid to Goodyear and Bridgestone is in the hands of the North Carolina Department of Commerce’s five-member Economic Investment Committee, or EIC, which also approves Job Development Investment Grants, or JDIG’s, in the state.
Unlike JDIGS’s, which provide cash to companies for creating jobs, the so-called Job Maintenance and Capital Development program, or JMAC, covering the two tire companies, pays cash to keep jobs already in place.
Aimed at keeping Goodyear and Bridgestone from moving their operations elsewhere, the incentives marked a new approach for North Carolina.”