Tag: Massive Federal debt is not a factor (page 3)

A New International Trade Crossing would not be built with Chinese steel and was never going to be built with Chinese steel, contrary to a Detroit News columnist's assertion to the contrary, said Canadian Consul General Roy NORTON today.

Norton said whoever tipped off Nolan FINLEY did not "know anything about Canada's procurement policies" and created what he called "not a well-founded story." Norton said Canada doesn't have a preference for Chinese steel and the competitive open bidding process will yield a product that will give taxpayers value. (MIRS June 5, 2012)

Oh man, what a mess. Someone opened up the Pandora's Box about Canada's complete control over the DRIC bridge based on the Letter of Intent of $550 million. After all, there are the secret Terms and Conditions that have never been revealed in that letter that had to be negotiated.  Note what the Consul General said "Canada's procurement policies."

When you supposedly provide all the money, then you can make all the rules. Michiganders finally have understood that. The issue became apparent over the use of the Chinese steel in the construction of the Bridge.

Of course, as I speculated, the real role that the Chinese will play is that they will be the P3 operator of the Bridge and will build, finance and maintain it over the next hundred years. It is an expanded role of that which they undertook in San Francisco. Naturally, that is required because no P3 proponents will ever finance the multibillion dollar DRIC boondoggle without Government guaranteed availability payments. Accordingly, the Chinese are prepared to step into the breach, provided of course that Chinese steel, labour and other materials are used. Or so they are leading everyone to believe at this stage.

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via The Detroit News

The Target Fireworks will go off as planned this month, but the cash-strapped city will get help from county and state authorities to help keep downtown secure, Mayor Dave Bing said Wednesday.

Wayne, Oakland and Macomb counties and the Michigan State Police have committed to helping with public safety and offsetting security costs estimated at about $700,000, Bing said in a statement. This year's fireworks are set for June 25.

"After assessing the considerable public safety costs, we have reached out to and received the support of Wayne, Oakland and Macomb sheriff's offices and the Michigan State Police to help ensure that this year's fireworks display would go on as scheduled," Bing said.

Bing added the city will need help with other big downtown events.

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Is there anything that Bing and the city can do without using other peoples money?  Amazing.  Target decides it wants to get some advertising by propping up an event in a war zone, and the public gets stuck with paying for their zookeeper.

A123 in April received a two-year extension on its deadline to spend a $249.1 million grant from the federal government, originally received in 2009. The money was to be used for the construction of new lithium-ion battery manufacturing facilities in Michigan. A123's Livonia plant opened in 2010, and its Romulus plant opened last year. The company had $120 million left of the $249.1 million grant.

The hiring announcement comes after the company has hit financial problems. In March, A123 said it would spend about $55 million to replace defective battery packs in five battery packages that were assembled at its plant in Livonia.

In addition, financial losses have accelerated. In its 2011 earnings, A123's loss grew 69 percent to $257.7 million from the year earlier. And in April the company reported a first-quarter loss of $125 million -- a 133 percent increase from the  $53.6 million loss during the same quarter in 2011.

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But dammit, when it's a taxpayer funded hole you just put 400 new hands on the shovel to keep on digging.

Mayor Dave Bing and Gov. Rick Snyder met today in Bing's office with LaHood; businessman Roger Penske, chairman of the M-1 project; and several members of the Michigan's congressional delegation to discuss the issues.
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Penske said he was "very excited" about LaHood's comments that he is in favor of the project. "We have to be sure we have all the technical information available to us," he said. "There's a concern, potentially, about who's going to run this."

Penske said it was clear the federal government wants a regional transportation authority [think bridge] to help with the project.

Investors with the M-1 group submitted their plans to federal officials in April. Group officials said they had raised most of the $137 million needed to build the line and pledged to pay 80 percent of the annual cost of operating it through 2025.

The rail line would extend 3.3 miles from downtown, north to the New Center Area.

Can y'all get over the size of the stones on those like Roger in the Billionaire Club walking around with their hand out for taxpayer money?

Molded Foam, LLC, a manufacturer of foam seating and cushioning materials, announced today that it will acquire a Holland, Mich. firm and relocate its operations to Indiana, creating up to 45 new jobs by 2014.

The company, which provides polyurethane foam cushioning to customers in the defense, medical, office-furniture and transportation industries, among others, plans to invest more than $3.8 million to purchase and equip additional space to house the new operations which will include a new molded production line.

"We take this relocation project as an encouraging sign that we're taking the right steps to make Indiana the most attractive place to run a business," said Mitch Roob, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "Job growth is great news for any community, but it's especially gratifying when new investment happens in a smaller community like Bristol."

Molded Foam, LLC, plans to begin hiring additional manufacturing and supervisory associates early this summer as the new production line becomes operational.  

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Gov Snydholm, you can dodge and weave RTW all you want, but you're losing your obstinate, veto threatening ground with every Indiana relocation.

Michiganians can expect individual tax relief this year as part of an agreement on the state budget hammered out late Wednesday that also includes more money for education, roads and film tax credits.

The state will use $90 million in one-time money to reduce personal income taxes by one-tenth of a percent through either a reduction in the rate, a personal exemption or a combination of both, according to Gov. Rick Snyder's office. He and Republican legislative leaders have still to work out the details.

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Another $180 million will be added to the schools budget, including $106 million to pre-fund the school employees retirement system with the remainder going to K-12 classrooms.

Snyder emerged from a late Wednesday afternoon budget huddle with House Speaker Jase Bolger and Senate Majority Leader Randy Richardville saying, "It's making soup; it's good stuff."

Read about the rest of this crap here.

The Republican governor told reporters Wednesday he still hopes the GOP-led House and Senate will approve moving forward on a new bridge between Detroit and Windsor, Ontario. But he's also pursuing other options.

Message to Gov Snydholm... It's the numbers, stupid.