Just because all this money is spent "in Wilmington" doesn't mean it all benefits the local economy - or even that of anywhere in NC. For example, if you look around when the streets are blocked off for all those red and white Lightnin' trucks, they are all based out of Atlanta. In the story, there's mention of "And, there are vendors who are based in California that are considering expanding their businesses here" Again, based out of California means they do the work here, and are invoiced from California. While they have "expanded" here, they contract and bill from their home base. The money spent has nothing to do with the local economy.
While I'm sure there are more than a few local people that work very hard for this entity, and contribute in every way to the local economy, that $113MM headline is more than just a little misleading.
For another reality check on this, look no further than the NHC tax department's web site. Screen Gems lists their local address as 1223 N. 23rd St. (They're based in New York, so we know where the money spent with them goes) We all know that there's a pretty large property at that address. Looking at http://etax.nhcgov.com/Search/GenericSearch.aspx?mode=ADDRESS
and entering that address shows that there's virtually nothing taxed there. Less than $100,000 in "business equipment" and the comment "MARKET VALUE SHOWN - EXEMPTIONS TO BE REFLECTED IN AUG BILLS". There is NO market value shown.
Sounds like a sweet deal for them. Enough tax credits so we wind up paying them? Good work "state legislators and governor". You've made a new friend, but at what expense?
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