And by the I do not mean “scary.” I mean boo as in hiss, knock it off, scram.
The city of Kannapolis is holding a secret meeting on how to pay for Dole Food CEO David Murdock’s research campus. If that is not a public matter, I do not know what might be. The city is looking at spending up to $352 million in public money on the venture.
If this is such a great deal for the city, why not do the math in the cold, harsh light of day? Because it is not. It is essentially a $1.5 billion speculative real estate venture with a “biotech” buzz word grafted on. Were it a slam-dunk investment, private money would be available for Murdock to pursue his frankly Howard Hughes-ish biotech obsession.
Kannapolis taxpayers should at least be able to see what they will be on the hook for before it is too late. But it is the same old story: Arrogance from local government officials who have absolutely nothing to be arrogant about.
PS — This is Exhibit A why tax-increment financing deals are a horrible idea. Secret, shady. Totally Third World.
