The head of the Luther Forest Technology Campus is objecting to the impending state takeover, which the Empire State Development Corp. says is necessary to protect the GlobalFoundries project. However, according to today's Times Union story, Michael Relyea "admitted that Luther Forest's local management didn't have the money to finish a second access road or to complete installation of a second natural gas line. Relyea said his group needs $10 million to construct the second gas line, and $7 million to rebuild Cold Springs Road, which would serve as a second access to the GlobalFoundries plant. Relyea said local officials were talking to state officials, trying to convince them to come up with the $17 million and to let the project remain in local control."
I know local panjandrums are outraged at the state action, and one suggested to me this morning that the Republicans would be able to block it if they succeed in retaking the state Senate in Tuesday's elections. But it's hard to see why the state, after pouring about $1.3 billion in subsidies into the plant and tech campus, should be expected to cough up another $17 million without expecting any additional control.
Apparently no one read their history on the construction of Montreal's Olympic venues or Boston's Big Dig... taxpayers will never get a return on their $1.3 billion (or probably a bit more) investment.
Posted by: Brian | October 28, 2010 at 08:30 PM
Brian, you running dog apologist for state capitalist-imperialism, the $1.3 billion doesn't rise to the level of an "investment" because if it did, the taxpayers would own a good chunk of the enterprise, which they don't.
Posted by: Bob Conner | October 28, 2010 at 11:18 PM