The South Carolina Budget and Control Board met today to discuss borrowing millions of dollars for a North Charleston Boeing plant. The board gave approval to bonds for $270 million to help build Boeing’s 787 jetliner assembly plant in North Charleston. It only took about three minutes for the board to give final approval. The Associated Press reports borrowing the money will cost taxpayers $23 million initially, and will take about five years for the state to cover the cost.
Senate Finance Committee Chairman Hugh Leatherman says the state’s burden for overall debt is decreasing and he expects interest rates to decline as older state debts are paid off. The new Boeing plant is expected to bring in about 3,800 jobs in the next seven years.
Included in the package is a $102 million short-term loan to the Commerce Department. This is so work on the plant can begin right away.