I was reading the PNJ this morning and saw a tweet from Louis Cooper about Bayer possibly constructing a manufacturing plant in Mobile. According to the article (linked below), the plant would employ 180 people with an average salary of $75,000. The local Economic Development Board has already approved over $32 Million in tax incentives. It may sound like they are giving away the farm but according to the article;
"A cost-benefit analysis provided by the chamber, however, indicates the Bayer project would generate an estimated $8.2 million in taxes unaffected by the abatements in the first year alone, and about $2.3 million of that would benefit Mobile County Public Schools directly through ad valorem taxes. Those estimated figures soar to $91.2 million and $46.7 million over the next 20 years."
Until Northwest Florida can begin to offer these types of incentives, we will continue to miss out of these great opportunities.
Al.com Blog
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