Dell to repay money early for discount
Dell Inc., has agreed to repay its up front costs and incentive payments early, Winston-Salem Mayor Allen Joines said today.
The $26 million due one month after closing its manufacturing plant in January will instead be repaid by the end of this week. Joines had requested the company pay early in return for a discount of one quarter of one percent, or about $66,000.
"Receiving the payment early allows us to invest the dollars and have an amount equivalent to the original amount due on February 1," Winston-Salem’s Chief Financial Officer Denise Bell stated in a news release.
The discount on the city of Winston-Salem's investment is $38,825.45. Joines says the city’s portion of the payment of $15,517,245.55 is expected by the end of the week. The difference in the total investment, which includes payments by Forsyth County, the Millennium Fund and Forsyth County Development is $66,277.63.
The $15 million is a combination of upfront costs and annual incentive payments made to Dell prior to its opening in the fall of 2005. The company announced its plans to close its manufacturing plant last month.
Accompanying Photos
Photo Caption: The Dell plant in Winston-Salem.
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