Kokomo Tribune; Kokomo, Indiana

Business

January 19, 2014

Building economyor stroking CEO egos?

(Continued)

“The state has agreed to provide an estimated $913,406 in tax credits over the next 10 years to retain 150 jobs Newark indicated it was considering moving to Richfield, Ohio, [a suburb of Akron] according to a spokesman for the Illinois Department of Commerce and Economic Opportunity.”

The old site is in an area of the city less chic than the West Loop office tower. But the new site increases “your odds of recruiting the type of talent that would be looking at other companies that are already established downtown.”

What is this all about? The shape of the office space? Or is the Ravenswood neighborhood not fancy enough for the Newark Company’s self-image? Does this qualify as being worth $1 million to the people of Illinois? What does it mean for the Ravenswood area?

Do we in Indiana subsidize the movement of companies for similar reasons or to gratify the egos of corporate leadership? I don’t want to believe it.

Morton Marcus is an independent economist, writer and speaker. Contact him at mortonjmarcus@yahoo.com

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