Vermont will be giving $2.5 million in incentive funds to GlobalFoundries Inc. This is the Dubai state-owned business that was virtually paid by IBM to take their plant here in Vermont off their hands.
Apparently no guarantees were made by the company in exchange for the $2.5 million incentive fund — or at least none were announced. Secretary of Administration Justin Johnson says the details are being worked out. Vague wishes to be “helpful to GlobalFoundries” and desire for the transfer from IBM go “smoothly” were expressed. And of course Governor Shumlin hopes Global may even retain jobs here in Vermont.
“I think there are some things we can do that would be helpful to GlobalFoundries to make sure we keep all the employees at IBM and expand in Vermont.” […] “This is a good deal for Vermont, it’s the right thing to do for us whenever,” the governor said.
The $2.5 million GlobalFoundries will receive is all that remains in the Vermont Enterprise Fund proposed last June by Governor Shumlin for “unforeseen or extraordinary circumstances.” The fund had originally been almost twice as large but state budget crunching reduced it significantly. There are no plans to replenish the fund after the GlobalFoundries gift empties it. Funny how all those litle incentive “eggs” wound up in the IBM/GlobalFoundries basket.
Secretary Johnson says the gift is all about “looking to the future,” but in all the business-based blather he comes the closest to uttering just the tiniest hint of gossamer strings attached to Vermont’s $2.5 million (ahem) donation to GlobalFoundries. He said, “We’d like them to do their next cool, big thing here and not somewhere else.”
Good plan! Just cross your fingers, hand over our millions and wish hard for the next cool, big thing.