Samsung sweetens the pot in bid for Southgate wind project

bribesOwen Sound Sun Times, Don Crosby
Samsung isn’t giving up on plans for a wind energy project in Southgate. Company representatives appeared before council on Wednesday with a new proposal. Samsung is offering Southgate 15% equity in the 120-megawatt project. Company spokesperson Tim Smitheman said as an equity partner, Southgate could expect a net annual dividend of $905,000. That would increase the township’s annual revenue by 19% based on 2013 property tax collected.

The partnership in the project isn’t a gift. The township’s share of the cost for the 40 to 60 turbine development would be $10 million. Smitheman said Samsung would secure a loan to pay for Southgate’s share. The township would repay the loan at a rate of $500,000 a year out of its dividend for 20 years.

However, even after the loan payments, Southgate would net $905,981 a year – a total of $18.1 million over 20 years. In addition to the equity partnership Samsung and Pattern Development, the principal owners of the proposed project, would give Southgate $3.6 million over 20 years in a community vibrancy fund to support community, environmental and wellness initiatives. Read article

One thought on “Samsung sweetens the pot in bid for Southgate wind project

  1. A small group of financial elite have gained control over key areas of our lives—food, health care, energy, education, and more. Making them the greatest threat to humanity’s ability to flourish. They use the media, major corporations, banks, the government, foundations, and international agencies to implement their agendas. They have successfully brought down countries across the globe including: Argentina, Chile, Ecuador, Indonesia, Tanzania, Brazil, Poland, Mexico, Bolivia, Thailand, the Soviet Union, Japan, Greece, Iceland, and many others. Their current target is the good old USA! If they can achieve their goal of collapsing the dollar, then they’ll have their chance at world domination.

    These elite wholeheartedly believe their only options are to either control the population or to be controlled by them. Which is the driving force to many of their actions today. Personally, I prefer to control these power hungry coons, rather than the other way around…..

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