Updated May 22, 2009 – Council approved the money only if both companies (CPS and Agrium Technologies) lease a McWhinney owned property. Mike Masciola (VP of NCEDC) did indeed say the company decided to move to Loveland back in April. Read our complete story on the decision by council May 19, 2009.
We posted a story yesterday (May 17, 2009) regarding the rushed cash incentive request being pushed to Loveland’s City Council by McWhinney on behalf of their future tenant Agrium Inc. and its subsidiary CPS.
The NCEDC (Northern Colorado Economic Development Council) is said to be assisting the company’s move from facilities in Greeley into a new location in either Johnstown’s 2534 (south east corner of I-25 and U.S. 24) or Centerra across the street.
McWhinney has included some analysis of the benefits to Loveland if the company moves to Centerra by CSU Economics Professor Martin Shields. What is not included in the analysis is a disclosure statement that Shield’s salary is partly paid by the NCEDC (a group funded and partly controlled by McWhinney).
Hardly independent, Shields’ analysis uses specious reasoning built upon incredible assumptions regarding the benefits to Loveland if the company changes locations. Nowhere in the documentation is there a comparison between the actual choice the company is facing, moving to 2534 just outside Loveland or Centerra just inside the same city limits. Instead, the study pretend the question is only whether or not the company will be leaving Greeley for Loveland.
In February of 2008 Loveland provided cash to local employer V-NET. That incentive package has gone terribly wrong. Loveland has not only lost jobs from V-NET as the company recently dropped from its high of 78 employees in Loveland to 56 total employees but now stands to lose part of the incentive financing as well.
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