The Grand Announcement has been made. Ontario-based Linamar will move into the old Volvo plant. The Buncombe County Commissioners just committed taxpayers to purchase the real estate to make sure Volvo wouldn’t sell the property to another party. That alone cost $7 million, but the county intends to flip the property, presumably at a profit, when Linamar moves in next year.
Linamar will in turn buy the plant from the county early next year, [Buncombe County Commissioner K. Ray] Bailey said. Buncombe County’s net incentive payments to the company will amount to $6.8 million, state government will spend up to $3.5 million and the city of Asheville $2.2 million.
Will this economic development incentive be the “exception that proves the rule” that those great at earning wealth do not typically squander it and know how to build it back up in hard times?
