[Breitbart] Sen. Luther Strange’s (R-AL) swamp pal, Sen. Bob Corker (R-TN), is set to receive more money each year from Alabama taxpayers from the sweetheart deal in an Alabama retail development arranged by a law firm that is a big donor to Strange’s Senate campaign than he receives from his salary as a United States senator.
Under the terms of that sweetheart deal signed off on by the Mobile City Council and the Mobile County Commission, Corker, as a 13 percent owner of McGowin Park Incentive, LLC, a Delaware Corporation, receives a prorated split of that entity’s hefty sales tax rebate from retail purchases made at stores in McGowin Park retail center in Mobile Alabama. The center is a huge development opened in 2015 of more than 24 stores, including "Dick’s Sporting Goods, Field & Stream, HomeGoods, Ross Dress for Less, Hobby Lobby, Best Buy, Old Navy, Petco, Ashley Furniture HomeStore and Dollar Tree," as one publication noted, strategically located right off heavily traveled I-65.
That rebate is substantial; 28 percent of all city sales tax collected and 30 percent of all county sales tax collected from stores in the center is paid out to McGowin Park Incentive, LLC, in two securities known as City of Mobile Limited Obligation Project Revenue Warrants, Series 2013 and Mobile County Limited Obligation Project Revenue Warrants, Series 2013.
Corker received $40,459 in 2015 and $108,682 in income from City of Mobile Limited Obligation Project Revenue Warrants, Series 2013, and Mobile County Limited Obligation Project Revenue Warrants, Series 2013, according to financial reports he filed with the United States Senate. He is scheduled to receive $155,500 in income from those warrants in 2017; $168,808 in 2018; $192,000 in 2019; and $192,000 a year for the next 15-and-a-half years. |