[Durham INC] Cree -- more info

[Melissa Rooney]

Cree was just in the N&O Sept 10, 2010 stating, "Cree has been consistently 
profitable and is sitting on nearly $1 billioncash."
 
http://www.newsobserver.com/2010/09/10/672873/led-lights-ready-to-supplant-cfls.html


So why do they need $2 M of our money? Just another day in the land of corporate 
extortion?

Melissa




________________________________
From: Melissa Rooney <mmr121570 at yahoo.com>
To: inc-list at rtpnet.org; durhamenviro at yahoogroups.com
Sent: Mon, September 13, 2010 1:37:11 PM
Subject: Neal Hunter's Cree Asking Durham for Incentive $$$$ Tonight


The following is on tonight's BOCC agenda. Cree was founded by Neal Hunter, the 
man who bought and moved the 751 land out of the Jordan Lake protected area) I 
believe Cree has already gotten $3M in federal stimulus money. They are now 
asking us local taxpayers for over another $2M to help them or it looks like 
they might move the jobs overseas. Please consider writing your commissioners to 
ask that they not give away another $2M of our money -- particularly when they 
are going to have to make more cuts to education this year, and they couldn't 
even fork over $90 thousand for an independent Jordan Lake survey (which would 
have saved us citizens a lot of time and money, as the 751 South saga has cost 
us a lot more than that and is still ongoing)...


The following link is also interesting with regard to Cree:
Eric Hunter, Wife Step Up Charges Against Cree After Affidavits ...

Even if it looks like the majority of the commissioners would vote to legalize 
heroin if Hunter and his team declared it would provide jobs, one can still have 
a mustard seed of hope, right?

Melissa


From the Agenda:


12.   Public Hearing to Consider Allocating Economic Development Investment 
Funds to Cree
20 min.
The Board is requested to hold a public hearing to consider allocating economic 
development investment funds to Cree, a leading developer and manufacturer of 
LED lighting, and semiconductor solutions for wireless and power applications.  
Cree’s products are used in backlighting for electronics and vehicles, general 
illumination, electronic signs and signals, variable speed motors and wireless 
communications.  The company is dedicated to designing and producing products 
which are energy efficient and environmentally friendly.
 
Cree, a homegrown Durham company since 1987, operates in a highly competitive 
global market driven by rapidly changing technology, short product life and a 
competitive pricing environment. Currently Cree is evaluating a substantial 
investment in a new production line to launch a new generation LED chip.  Cree 
is considering several locations for the project, including China, Malaysia, and 
Durham. The capital investment for this project is expected to be approximately 
$392 million, with $135 million dedicated to machinery for the new production 
line.  Cree would also create 244 new jobs in Durham by the end of 2013 to 
operate the production center.  Company officials have stated that incentives 
from the local government are a key consideration in its final decision on 
locating the expansion, particularly in light of the cost of labor  in the 
overseas market.  

  
Staff is recommending that the county participate in this economic development 
project by providing up to two million ($2,000,000.00) for the $392 million 
project. Eight hundred and twenty five thousand ($825,000) of those funds would 
be reserved to pay for training expenses of new employees hired who are Durham 
residents. Funds would be furnished over a seven year period through an economic 
development incentive fund performance contract.
 
This public hearing was advertised on Friday, September 3, 2010 as required by 
law.
 
Resource Person:  Carolyn P. Titus, Deputy County Manager



      
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