Sunday, April 18, 2004
Alleghany Conty thought it had an enforceable "clawback" provision in its incentive agreement with Bristol Compressors. The jury disagreed.
The county saw the clause this way: If the company didn't stay for 10 years, it must repay incentives.
The company saw it this way: If the company failed to meet benchmarks for employment and investment from 1993 to 2003, there will be a pro rata payment, not pay back of everything.
Moral of the story: Pay attention ot the language of the agreement. Read more.
posted by Ed Morrison |
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Some Background on EDPro Weblog
The purpose of this weblog is to help economic development professionals -- EDPros -- keep up with the changes sweeping our profession. Strap on your goggles. It's a whole new game. There are no experts any more. The only place to learn about economic development is from other EDPros who are doing it.
One other point: the prevaling approach (paradigm, if you like) in economic development is shifting from competition to collaboration. There are a lot of reaasons underlying this shift, but here's the important insight: You, your community, and your region will do better by collaborating and sharing information.
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Speaking and workshops on Open Source Economic Development
As the idea of Open Source Economic Development starts spreading, more people are asking about it. Visit the I-Open web site to learn more. My colleagues and I are happy to explain the basic concepts in a talk or a workshop. E-mail Susan Alshuler if you'd like to learn more about workshops and speaking.
Background on Ed Morrison
Download some background information on me here.
NC county loses incentives law suit
