“If at first you don’t succeed, just blow some more taxpayer money” seems to be motto of the Arkansas Economic Development Commission (AEDC).
According to the Associated Press:
The Arkansas Economic Development Commission is providing $2 million for a new company to locate in a former wind turbine plant in Jonesboro.
The commission said Thursday that the money will help TrinityRail Maintenance Services Inc. convert the now-closed Nordex USA wind turbine plant for its processes.
According to The Jonesboro Sun, the funding is based on TrinityRail creating up to 350 jobs for the community.
TrinityRail provides industrial products, including railcars, barges, storage containers and other transportation-related goods and services. Construction and renovations on the facility are planned for this fall, with an opening date planned for 2015.
The facility in Jonesboro had remained empty since Nordex USA announced last year that it was ceasing production at the plant.
Yes, that’s right: the state’s most recent example of crony capitalism will take place in the exact same location where it failed big time a year ago.
Nordex never came close to meeting the job creation promises it made to taxpayers in 2009. It closed up shop in 2013 and had to pay back the $2.5 million it had drawn from the state’s Quick Action Closing Fund.
Now TrinityRail has come along, saying they’ll be creating “up to 350 jobs” at the same location. I hope this prediction is more accurate than the one Nordex made.
According to an AEDC spokesperson, the $2 million to TrinityRail will come from the Quick Action Closing Fund which my colleague, Nic Horton, wrote about recently.