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Aircraft parts maker reneges on relocation despite tax incentive

An international manufacturer that promised to bring nearly 200 new jobs to Largo has canceled plans to relocate its U.S. headquarters in the city because of economic conditions.

"We do hope that when they get to a point where they're ready to consolidate, they'll consider us their No. 1 choice," said Teresa Brydon, Largo's economic development manager.

In June, city leaders approved a $56,700 tax rebate for the aircraft parts and equipment manufacturer, which sought refunds though a program designed to lure high-paying jobs.

The company chose not to disclose its name as allowed by state law.

The city pledged 10 percent of a $567,000 total rebate. The state and Pinellas County were to pay the rest.

The company had applied to participate in the state's Qualified Target Industry tax refund program.

Some Largo officials have had a difficult time considering such incentives before.

One key reason: the anonymity factor.

Last year, four Largo commissioners opposed tax incentives for a call center and financial counseling company that wanted to expand in Largo. Several had reservations because they'd heard buzz about a problematic local telemarketer, which happened to be an unrelated company.

There are also no guarantees that promised local jobs will pan out.

But Mayor Pat Gerard, who has voted in favor of the rebates, said they're generally a good idea.

"I think we should be doing as much as we can to help create new jobs," Gerard said.

Aircraft parts maker reneges on relocation despite tax incentive 11/15/08 [Last modified: Saturday, November 15, 2008 8:41pm]
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