Post by Logan on Feb 6, 2017 20:52:25 GMT -6
CHATTANOOGA, Tenn. (AP) – A General Electric company will repay Chattanooga and Hamilton County $6 million after closing a manufacturing plant purchased from a French company that received millions in tax breaks.
The Times Free Press reports (http://bit.ly/2l4GmCK) GE Power will pay Chattanooga $3.3 million and the county $2.7 million.
Local officials wanted GE to repay $13 million in tax breaks awarded after a 2008 payment-in-lieu-of-tax agreement with France-based Alstom to expand in Chattanooga.
About a year ago, GE bought Alstom's power operations and announced closure of the steam turbine manufacturing plant and two adjacent facilities, a loss of about 235 jobs. GE said it would keep 50 Chattanooga workers.
Read more: www.memphisdailynews.com/news/2017/feb/7/ge-to-repay-6m-in-chattanooga-for-closed-plants-tax-breaks/
The Times Free Press reports (http://bit.ly/2l4GmCK) GE Power will pay Chattanooga $3.3 million and the county $2.7 million.
Local officials wanted GE to repay $13 million in tax breaks awarded after a 2008 payment-in-lieu-of-tax agreement with France-based Alstom to expand in Chattanooga.
About a year ago, GE bought Alstom's power operations and announced closure of the steam turbine manufacturing plant and two adjacent facilities, a loss of about 235 jobs. GE said it would keep 50 Chattanooga workers.
Read more: www.memphisdailynews.com/news/2017/feb/7/ge-to-repay-6m-in-chattanooga-for-closed-plants-tax-breaks/