I came across two letters to the editor discussing the Bombardier tax credit plan in the Kansas City Star. I was first upset the writers do not know the impact the Bombardier tax credit deal would have on Missouri. Then I was a little more encouraged when I read one of the responses. Its good to know there are some Missourians who understand the reality behind this deal. It could be quite detrimental for the state. Of course, this is a Kansas City paper, so the support of this deal is a little expected.
Here is what the letter to the editor said:
The State of Missouri needs to send a strong message that it is “open for business” and pass the mega-project legislation needed to attract Bombardier Aerospace (4/22, Local, “House OKs bill for aircraft plant”). Not only is the legislation critical to attracting Bombardier, but it means Missouri can finally compete for other large manufacturing deals in the future.
JE Dunn has been involved in many projects across the country and has seen the impact on a city’s economy and its workforce. The opportunity presented by Bombardier alone means hundreds of construction jobs, not to mention the peripheral construction jobs required to create supplier facilities, new homes and support services for employees.
Passage of the “mega project” legislation will give Missouri a strong position to win Bombardier’s investment. Unlike economic development packages used by other states to lure such a mega project, the tax credits afforded this project get paid back by Bombardier.
This is a great opportunity to show that Missouri is “open for business.”
Terrence P. Dunn
President and CEO, JE Dunn Construction
Kansas City
US Bank finances major corporate projects all over the world, so I see the tremendous opportunity we have in front of us with Bombardier Aerospace. The residents and business community across the state of Missouri deserve the opportunity to compete for jobs and business with these large projects.
The legislation currently being debated in the Senate is a sound financial investment, offering a rare repayment on the tax credits the state would offer to Bombardier — with interest, to boot. Because of this, the state’s total fiscal benefit far exceeds the costs that will be incurred.
Mega deals that locate in other parts of the country are typically funded by grants for training, infrastructure and land in addition to tax breaks. The states don’t receive any of that money back, but fund the deals based strictly on the resulting economic impact. Missouri has the opportunity to not only recoup the tax credit investment but will benefit from a tremendous impact as well.
If the Missouri Senate approves the pending bill and we win this project, I believe we will look back on this moment in time as a watershed event for our region.
Mark R. Jorgenson
President and CEO, US Bank
Kansas City
I wonder...both letters are written by presidents and CEOs or large companies...does this make me feel like they are really looking out for the little guy? No, it does not. It seems to me they are only looking out for themselves. They offer no proof it will be a good deal for the rest of the state.
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