The Charlotte-area is turning out to be the billionaires’ go-to spot for taxpayer handouts.
First Bob Johnson got a $265 million Uptown arena, then NASCAR doughboy Brian France got a $158 million welfare payment/Hall of Fame. Now we have a number for David Murdock’s biotech hub in Kannapolis: $347 million.
You knew the project would have a catch, and this is a pretty big one. Local governments around the hub would have to use tax-increment financing to issue bonds to pay for the improvements — parking decks, greenspace, utilities etc.
But that debt would be issued on the pure speculation that Murdock can develop and actually create the biotech attraction he says he can.
As we have noted before, there is ample reason to question just how successful the hub will be — we could wind up with a Global TransPark West. There is no guarantee biotech companies will flock to Kannapolis. Murdock is welcome to take that risk with his money, but $350 million in public money is a steep price to pay to get Murdock in the game.
