Trouble in "green"-land
Vestas, the Euro wind power manufacturer and Portland's supposed economic savior du jour, let on today that it's going even further into layoff mode. But the company's super-sweetheart taxpayer subsidies for a Pearl District Taj Mahal go on unabated, of course. If Vestas folds, guess who will probably get to keep the platinum building refurbished on the taxpayers' dime. You'll never guess.
| Posted at 12:20 PM | Permalink |
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Comments (12)
Ah, the famous "public-private partnership" at it's finest.
This must be what that gentleman selling the snake oil meant when he said he'd make us a "Smart City".
Posted by Mr. Grumpy | November 9, 2011 12:44 PM
Looks like another opportunity for PDC to move their present headquarters, after it's previous failure of its Kalaber Creative Center.
Last month it was PDC's idea to move to the Hole-in-the-Ground unfinished building across from Nordstrom. Before it was moving to the Unsustainable Building by PSU. Then they considered the OHSU/OSU/PSU Collaborative Building in SoWhat.
It's becoming that PDC is the only impetus that developers can use to develop something around here. And they are still failures, so the taxpayers end up paying for the failures.
Posted by lw | November 9, 2011 12:51 PM
You have too little faith - Remeber PDC told us Vestas was going to pay off their interest free loan waaaaaaaay ahead of time.
Idiots.
Posted by Steve | November 9, 2011 12:53 PM
Wasn't this one of the triumphs of Parachute Erin?
Posted by Jack Bog | November 9, 2011 1:16 PM
"The company said if a U.S. production tax credit isn't expanded beyond 2012, it may have to further adjust the size of its work force, Dow Jones reported."
I would think a business plan that is predicated on tax credits is not long to stay in business, even if it is in the sustainability capitol of Oregon.
Posted by pdxjim | November 9, 2011 1:28 PM
More likely the taxpayer will be repaying the loan to the taxpayer.
Posted by Mr. Grumpy | November 9, 2011 1:32 PM
"You know, these are people of the land. The common clay of 'The New West.' You know -- morons."
(from "Blazing Saddles").
Posted by Mojo | November 9, 2011 2:18 PM
Vestas? In financial trouble? Gee ... no one saw that coming!
Posted by Garage Wine | November 9, 2011 2:48 PM
The crescendo of gross incompetence and wholesale dishonesty is producing everything that has been thoroughly predictable & inevitable.
I had a hard time figuring out which bojack thread to post this one.
It applies to so many.
Posted by Ben | November 9, 2011 4:40 PM
I would think a business plan that is predicated on tax credits is not long to stay in business, even if it is in the sustainability capitol of Oregon.
That's the thing about the green credits -- they come and they go. Meanwhile, the ones for the oil guys (Section 199 domestic manufacturing deduction, foreign tax credit,intangible drilling costs, percentage depletion for independent producers, tertiary injectants deduction) are untouchable, and few complain.
Posted by Pete | November 10, 2011 12:53 AM
They are a high cost, undiversified producer in an industry whose buyers depend of government money at a time when many governments are in deficits. I think many of us saw this coming. The solar cell manufacturers are next.
Posted by Robert | November 10, 2011 8:01 AM
The smart money was shorting these companies as soon as they started to suck on the government teat.
It is just a few "progressive" idiots who believe in the fairy tale of green power. Anyone who can run a calculator knows this stuff is stupid. Short the stocks and make some money. You'll need the money to pay the taxes to cover the bills that are coming due.
Posted by Andy | November 10, 2011 10:06 AM