Algenol giveaway fuels debate
February 08, 2010
Algenol giveaway fuels debate
There’s always trouble when government tries to pick winners in business.
Case in point: The $10 million subsidy Lee County commissioners voted to give to Algenol Biofuels, a startup company based in Bonita Springs that plans to produce ethanol from algae.
Last year, Lee County commissioners agreed to spend $25 million in taxpayer dollars and give the money to new and existing companies if they created high-wage jobs. In this case, Algenol promised to create 120 high-paying jobs, or just over $83,000 per job.
But the Algenol request caused a stir because of the high price per job and just three of the five commissioners voted to approve the subsidy. Lee commissioners Frank Mann and Brian Bigelow voted against it after several hours of debate.
Whether you agree or not with the corporate handout, there’s no doubt the commissioners’ vote sends a mixed message about spurring economic growth Lee County. What company chief executive wants to be dragged through public hearings and political grandstanding by local pols?
Maybe a better option is for government to stop meddling and let the markets pick winners.
Patient executive finally makes his move
Steve Marino, who closed on a $380,000 deal for the land last July, recently announced plans to build a two-building, 20,000-square-foot complex on the site, where he eventually hopes to employ at least 10 people. He hopes a glossy new showroom for appliances will be open by early 2011.
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News that $56.1 million in federal tax-exempt financing is available for Lee County businesses has generated considerable interest.
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