JAMES MADISON QUOTE - 1822

"A popular government without popular information, or the means of acquiring it, is but a Prologue to a Farce or a Tragedy; or, perhaps both. Knowledge will forever govern ignorance; and a people who mean to be their own governors must arm themselves with the power knowledge gives."

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Wednesday, May 24, 2017

Scottsboro City Council Regular Session, Chamber of Commerce Presentation - "Gateway to the Future," (Updated May 25, 2017) - Bellefonte Nuclear Deception Warning, May 22, 2017

Scottsboro City Hall, photo by G. Morgan

AGENDA

VIDEO - Part 1



             VIDEO - Part 2 Chamber of Commerce Presentation


There is a concern in the Chamber of Commerce presentation regarding the alleged completion of TVA's Bellefonte Nuclear Facility, propaganda versus facts and leading the public to believe Bellefonte will be built, when the facts are presented, that remains speculation and is not a fact. Misleading the public and developers is a dangerous road whose history has demonstrated previous deceptions regarding Bellefonte have cost business developers millions upon millions of dollars. 

Mr. Franklin Haney has struck a deal with the TVA, via an auction bid of $111 million dollars for the $5 billion dollar facility. Haney provided, according to reports, approximately $22 million in earnest money for the facility, There has been no final purchase of the facility by Mr. Haney. Prior to a final purchase a 60-90 day notice must be given. Beginning in November of 2016, Haney has 2 years to complete the deal, the closing must occur before November 2018. 

Whether Bellefonte will be completed is not known, and at best is speculation at this point. Per TVA information, Bellefonte Unit 1 is 55% complete and Unit 2 is 35% complete. Haney says he can complete both Bellefonte Units for $13 billion. Environmental group research, including inflationary costs, indicate the cost will be closer to $15 billion  to complete the two unit B&W 205 design nuclear facility. The design is now owned by Areva, a majority owned (90%) French Government nuclear corporation which has cash problems. It is questionable whether Haney will be able to raise cash from investors for completion of the project, even if you include a $6 billion dollar Federal Nuclear tax incentive (see below article link).

Propaganda, and all is not as it seems, tax issues, disclosures.
At approximately 14:30 seconds in the below video Mr Roden brags about how the Chamber trip to Washington resulted in lobbying regarding a South Carolina's Congressman's bill which would reduce Mr. Haney's tax exemptions. 

There is more to this story and the history behind it, particularly with Mr. Haney, his relationship with our current President and real estate development, which now includes the Bellefonte Nuclear Project. Let's take a look at some of the reasons and legislative agendas of why the Chamber of Commerce would be interested in corporations not paying their fair share of taxes. 

The Chamber of Commerce supports business and corporate business interests, support of the individual citizen is limited to the interaction with business and citizens, which at times is good and times is questionable, in my opinion. 

Disclosures - Links and stories about the issues.
1) Tax rules which allow real estate moguls, such as Mr. Trump and Mr. Haney to pay no federal taxes. "Losses deducted from all income." - http://www.pbs.org/newshour/making-sense/column-tax-rules-let-real-estate-moguls-like-trump-pay-no-federal-income-tax/
2) "Stealthy and Wealthy" - Sunlight Foundation expose on Mr. Haney. "Franklin Haney built real estate empire with government help." Ownership of government buildings, leases to multiple level government entities, former Congressman hired as lobbyist, greasing the palms of politicians on both sides of the isle. - https://sunlightfoundation.com/2012/10/18/dem_super_pac_donor/
3) "Nuke Developer Greases Trump's hand...tax credits worth an estimated $6 billion...;"  Mr. Trump is not the only hands he "greased" with his cash contributions, many politicians, PACS, and lobbyists have been involved. "Nuclear Development paid the two firms a combined $60,000 through the end of last year to lobby Congress and the Treasury Department on tax incentives for nuclear energy production. One of those tax credits is worth an estimated $6 billion to the nuclear power industry."   https://www.thedailybeast.com/articles/2017/04/21/nuke-developer-greases-trump-s-palm



Promises made and promises broken in ridiculous proposals by the TVA. 2 B&W 205 Model Nuclear Reactors, $15 billion to complete at this time, and 2 AP 1000 Nuclear Reactors, $24 billion to complete at this time. Expected costs to complete all projects, $39 billion over 25 years, TVA could not afford the cost, nor was there a need for power in the TVA region for one nuclear power reactor, much less 4 nuclear power reactors.

The bottom line: History is revealing in the case of the cannibalized Bellefonte nuclear facility. Don't promise the citizenry and potential developers something you can't deliver. It damages future development for our community.

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