Hometown Rescue

RSA is lending hundreds of millions of dollars to a company building a plant in Northern Alabama, according to a Times Daily story .

But a Summer of 2007 AP story reported that the plant was expected to "have a $350 Million Dollar investment" and employ 1,600 workers when it is finished. The story today reports that RSA's total investment is now almost double that amount, and the first car has yet to be produced. RSA CEO David Bronner doesn't make many mistakes, so I have to presume he expects to get at least his principle back (plus saving a lot of jobs). The fact that National Railcar needed to turn to RSA for the money is an indication of the deep trouble the economy is in. On July 18th 2007, when the project was announced with much fanfare, Governor Riley declared that it would one day be considered a "defining moment for North Alabama". Let's hope that's not because the cost-per-job turned out to be so high. The plant was supposed to begin producing rail cars early this year.