Gestamp Plant Gets $150M in Development Authority Bonds
The State Journal – Gov. Earl Ray Tomblin announced in 2012 the state planned to invest a minimum of $100 million in the plant to create as many as 700 jobs, and at the time, WVCBP Executive Director Ted Boettner said Gestamp would pay few taxes because of the incentives. Just this week, WVCBP fiscal policy analyst Sean O’Leary said the Center’s opinion remains the same. Read
“We don’t know exactly how often the Economic Development Authority does these bonds and how much equipment are they leasing, and is the state getting the bang for their buck on the investment?” O’Leary said. “We’re not just picking on the stamping plant, but in general, the total value of our business tax incentives, where are they going, what types of jobs they’re creating … the state puts out reports sporadically, out-of-date, and they’re rarely complete, so to get a number on any of these would be an improvement.”
O’Leary said it’s hard to make a judgment or decision on whether any of the state’s investments have been good decisions without all the information.