Fond du Lac County taxpayers fund Merc incentives
FOND DU LAC, Wis. (AP) — The Fond du Lac County Board has approved a new half-percent sales tax to help fund a major incentive package designed to keep jobs and boat engine-maker Mercury Marine in Fond du Lac.
The board Wednesday night also approved borrowing $50 million to offer the company as a low interest, performance-based loan.
For every job Mercury Marine keeps, $500 gets taken off the loan. For every new job, the company gets a credit of $1,000.
While Mercury must repay the money by the end of the 12-year agreement, the county added the sales tax to cover borrowing costs and any credits the company earns toward repaying the loan.
Mercury Marine spokesman Steve Fleming says the company is expected to add up to 1,400 manufacturing jobs in Fond du Lac by 2016. Fleming says that would include most, but not all the 385 factory jobs in Stillwater, Okla.
Sep 10, 2009 at 9:52 p.m.
Suggest removal
Bet the sales tax never goes down, either.
Sep 10, 2009 at 1:02 p.m.
Suggest removal
Forget bribery, it's socialism when the government subsidizes private industry, especially at taxpayer expense.
Sep 10, 2009 at 10:41 a.m.
Suggest removal
If in fact a developer or potential purchaser of a property asks for TIF financing is it not blackmail ? When a taxing body offers this as an incentive to a developer to induce development is it not bribery?
The existing taxpayers of the area are responsible for making up the lost income and in many instances become responsible for additional infrastructure charges brought on by development, which in many occasions would occur anyway.
Before you post a comment, consider this:
Note: GazetteXtra.com does not condone or review every comment. Read more in our User Policy AgreementPost Comment
Commenting requires registration.