Philip Morris will return incentives
Aug 16, 2007—Philip Morris USA said Thursday it will refund $750,000 in state job-creation money the company collected only weeks before announcing that its Concord plant would close and 2,500 jobs would be lost. The story was reported in the Charlotte, North Carolina Observer. The cigarette giant also said it will refund a local tax incentive already paid by Concord and would research whether it will still collect future incentive money. The state and local money was promised in exchange for a $138 million investment at the massive cigarette factory over the past three years. The company decided to return the money because keeping it would have broken the spirit of the original incentive agreements from 2004, which was to keep jobs and investment in Cabarrus County, said spokesman Brendan McCormick. "I figured they probably would be embarrassed by it and they probably would return it," said state Sen. David Hoyle, a Gaston County Democrat who became incensed Wednesday when he heard about the May 25 payment of state grant money. Philip Morris called Concord Mayor Scott Padgett on Thursday and told him the city would be refunded, Hiatt said. "Obviously, we're pleased," the city manager said. "We think it's the right thing to do."
Aug 16, 2007—Philip Morris USA said Thursday it will refund $750,000 in state job-creation money the company collected only weeks before announcing that its Concord plant would close and 2,500 jobs would be lost. The story was reported in the Charlotte, North Carolina Observer. The cigarette giant also said it will refund a local tax incentive already paid by Concord and would research whether it will still collect future incentive money. The state and local money was promised in exchange for a $138 million investment at the massive cigarette factory over the past three years. The company decided to return the money because keeping it would have broken the spirit of the original incentive agreements from 2004, which was to keep jobs and investment in Cabarrus County, said spokesman Brendan McCormick. "I figured they probably would be embarrassed by it and they probably would return it," said state Sen. David Hoyle, a Gaston County Democrat who became incensed Wednesday when he heard about the May 25 payment of state grant money. Philip Morris called Concord Mayor Scott Padgett on Thursday and told him the city would be refunded, Hiatt said. "Obviously, we're pleased," the city manager said. "We think it's the right thing to do."
