American Greeting (the card company) has companies in Michigan and Tennessee. According to the Mackinac Center these folks put out the information that they would "probably" be closing one of the plants. So, what happened, you ask? Why, they're not stupid. They accepted both states' offers of, in the case of Michigan, $2.4 million in Single Business Tax Credits, $400,000 in job training subsidies and early $2.5 million in local property tax abatements. This was in 2000 and they were to creat 200 new jobs with the company by 2002 and 144 additional "spin-off" jobs by 2010. Tennessee was probably an equivalent.
The result was nowhere near 200. 60 jobs (it had been as high as 85) were the end result in 2002. Total tax credits earned for the tax year 2002 were valued at $346,560. You can do any kind of math you want, this does not compute. What are the odds that any monies will be returned to the state?
You can make up the end of this story any way you want. It just rubs me the wrong way and I don't want to talk about it any more today.
See ya,
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