A state board today took 20 (m) million dollars from the newly created “Opportunity Fund” as part of the financial incentives that brought a Chinese company to Oklahoma to build an automobile assembly plant.
The “Opportunity Fund” was created by the Legislature this year at the urging of Governor Henry and is controlled by the Contingency Review Board. The board consists of Henry, House Speaker Todd Hiett and Senate President Pro Tem Mike Morgan.
$15 million goes to improvements at Ardmore’s airport and $5 million is to be loaned to Nanjing. This is on top of other incentives such as property tax exemptions, accelerated tax depreciation and employment tax credits.
I especially wish to make note of this:
Nanjing says the M-G project will create 575 new jobs in Oklahoma at an average salary of more than 57-thousand dollars a year.
That figure is up from about a $52,000 average salary projected just two weeks ago.
The payroll for Oklahoma’s MG headquarters, manufacturing plant and research and development center is projected at $30 million when at full capacity, the company said.
A $30 million payroll divided by 575 jobs comes to about $52K each. But maybe I’m looking at things too simply.
The MG deal is complex and involves players with deep connections in Washington, D.C., and the auto industry.
That explains a lot.
The people may be made to follow a path of action, but they may not be made to understand it. – Confucius