The Madison Daily Leader is giving the Minnesota shrimper three whole articles to explain why it didn’t start building in Madison in June the way it promised when our state started handing out money. Funny thing is, Tru Shrimp is has the money it thought it would need… but they need to raise more because their plans and cost estimates have grown:
…Initially, a commercial harbor was expected to cost $45 million.
To date, more than $45 million has been invested in research and development alone, including $11 million for the Balaton Bay Reef, according to Ziebell. The results of these efforts has increased the price tag.
“The sophistication of the technology grew over the years,” he explained. “As those sophistications were added, the price tag grew.”
In addition, the original engineer’s estimates were “significantly low,” and the scale of the project has increased, Ziebell said. Initially, Tru Shrimp planned to harvest 4.5 million pounds of shrimp annually; that has been increased to 8 million pounds annually [Mary Gales Askren, “Tru Shrimp Is Committed to Building Madison Bay Harbor,” Madison Daily Leader, 2019.07.30].
Plans may change, initial estimates may come in low… but that would seem to give Tru Shrimp all the more reason to save its cash and not spend South Dakota’s corporate welfare checks in Minnesota….