Driving around yesterday and listening to WSJS report that TransTech Pharma (and sister company Pharmacore) would indeed stay in High Point, I found it odd that a mere $3 million would keep the multimillion dollar biotech company here.
Sure enough, I learned the today that the usual suspect was involved:
The companies have accepted a state grant for up to $6.57 million, Gov. Mike Easley announced Thursday. That’s on top of the nearly $3.05 million in incentives High Point offered the companies Monday.
Considering the fact that Virginia and South Carolina were reportedly offering up tens of millions in incentives packages, many would argue that the state and the Triad got off cheap. High Point City Council member Mike Pugh doesn’t feel that way, though:
Pugh, one of only two councilmen who voted no to incentives for TransTech Pharma and PharmaCore, said he’s happy the companies are staying. But, he said he doesn’t think taxpayers should pay the bill for a private company’s expansion.
“I know it’s vital to get new industries started and to have them in your city, but I don’t believe in extortion,” Pugh said. “When multimillion dollar companies come to us while small businesses are suffering and say, ‘Give us money or we’ll leave or we won’t come at all,’ well, I think sometimes you just have to call their bluff.”
Thank you, Councilman Pugh, for saying what needs to be said. By the way, did I mention that TransTech Pharma is a multimillion dollar company?
