The CEO of the company holding a rally Saturday for Republican presidential candidate Mitt Romney said his business made zero profit on a project funded by money from the controversial “stimulus” in 2010.
“It wasn’t like I walked away with $1 million in my back pocket,” said Tom Neppl, the CEO of Springs Fabrication, which is hosting a campaign event for former Massachusetts Gov. Romney this weekend. “Sometimes you win and sometimes you don’t.”
The company was hired two years ago as a subcontractor by Merrick & Co., and received $2.3 million to help upgrade the cooling system of a nuclear reactor, said Neppl. The money for the work came from the American Economic Recovery and Reinvestment Act, signed by President Barack Obama in 2009. The bill was designed as an economic “stimulus,” and paid out a final total of $840 billion for schools, tax credits and construction projects across the country.
Romney has said repeatedly that he opposed the stimulus, and that the economy has worsened under the Obama administration.
Springs Fabrication was paid $2,337,248 under the terms of the contract, but Neppl said costs on the project ran over what was allotted for it, and so his company didn’t make any money on the deal.
Neppl’s company was one of at least three businesses that offered bids on the project from Merrick, he said, and he had hoped to make a profit. But as with many other such contracts, that didn’t happen, he said.
Roughly 80 percent of the money went to purchasing materials for the job, he said, and no permanent jobs were created with Springs Fabrication. Much of the funding was spent at or through Fort Carson, he added, and asserted that there was an economic benefit to the Army base.
“Most of the money just flowed through us and went to other people,” Neppl said.
Neppl said he knew the money for the project was coming from the federal stimulus, but that he didn’t think much of that at the time.
“That doesn’t mean I was in support of the stimulus,” he said. “A lot of the country got stimulus money in one way or another.”
The only benefit to Springs Fabrication, Neppl said, was that the project was high-profile, and will probably help them land future contracts.
The Romney campaign reached out to him because it was looking for a location to hold its Saturday rally. Neppl said he’s held plenty of similar events in the past, for both Republicans and Democrats. Springs Fabrication hosted a rally for Democrat Andrew Romanoff, a former Speaker of the state House of Representatives, when he was running for the U.S. Senate in 2010.
“I thought he was a great guy,” Neppl said.
The Romney campaign has not responded to requests for comment.
The Saturday rally will be held at Springs Fabrication at 2:45, at 850 Aeroplaza Drive in Colorado Springs. It is open to the public.
So he did not make any money but it kept folks busy who may have otherwise been idled or layed off. That is what the Stimulus was designed to accomplish.
“The only benefit to Springs Fabrication, Neppl said, was that the project was high-profile, and will probably help them land future contracts.” It sure seems that Neppl was not hurt by Stimulus Funding.
If you take $2.3 million in free government money and can’t make a dime in profit doing what you’re in business to do, you probably aren’t much of a businessman……..
But the money gave his company business. Whether he made, lost, or broke even with the money is a company issue. The basic fact is that he accepted the money!
This article isn’t news…it’s gossip trying to masquerade as news. Trying to somehow associate Romney with someone who took the “stimulus” money. All the Romney campaign is doing is using a location that happens to belong to this guy. Big deal…
Both Pres. GW Bush and Pres. Obama, with the support of both parties in Congress, have been pouring out the trillions for economic stimulus and bailouts and emergency spending. Spending has greatly exceeded tax revenues and debts with interest have been piling up.
One legacy since of the traumatic events of 9/11/01 has been trillions in debts that remain for our generation and future generations to repay.
Sadly, it hasn’t been building up national assets that would provide benefits for generations to come.
My opinion on news stories – Don’t believe everything you read. Don’t trust everyone you talk to. Be very careful what you say as the words may be used to further someone’s particular agenda.
Brad is correct. This is not much of a news story. What it shows is that the Bush/O’Bama stimulus only increased the velocity of the money and didn’t create any jobs or “save” any jobs. Maybe a few bucks made it to Springs Fab employees that otherwise would not have. The real news story would be how much money O’Bama/Biden is pouring into all these pop up ads in the Gazette online. I think I can recite the talking points by now…
The guy takes 2 million in stimulus money then downplays it as a favor for his extremely rich and powerful friend Romney.
Sounds like Neppl is considering another career in politics. I’m sure if Romney is elected, Neppl will be inline for a special favor or two, or maybe even a appointment. Money buys power, and with power comes more money and influence.
Perhaps someone here at the Gazette could take the initiative to go through Neppl’s records to verify the accuracy of his statements.
This story is written along the lines of “Hitler was a painter, Romney had his house painted, so Romney is just like Hitler”. This is the best the gazette news departnment can do?
[...] crammed onto the floor of Springs Fabrication, a metal plant. As first reported by the Colorado Springs Gazette, Spring Fabrication received more than $2 million from the stimulus plan for its work on a project [...]
Wow, this article complete frustrates me. Are you seriously indicating that should anyone have opposed the stimulus that they should refuse to provide services for the thousands and thousands of companies that did accepted it? Personally I opposed the stimulus under the opinion that there is not a company in this country that is “Too Big To Fail”. However, if I as well as Mr. Neppl and all of his employees will be paying for the stimulus for the rest of our existence, we sure as heck should be able benefit from it.
[...] people crammed onto the floor of Springs Fabrication, a metal plant. As first reported by the Colorado Springs Gazette, Spring Fabrication received more than $2 million from the stimulus plan for its work on a project [...]
So, the CEO takes the money, but didn’t want the money, but hasn’t returned the money – seems like stealing from Americans to me – and those who justify it as – oh well – are no better. There is class warfare in America – a lack of class. The CEO could have reufsed the money and then had some credibility with politicos that he was above the fray. As far as blaming the news – the CEO could have kept the money and his mouth shut – but opened his life to beenfit from both.
[...] people congested onto a building of Springs Fabrication, a steel plant. As initial reported by a Colorado Springs Gazette, Spring Fabrication perceived some-more than $2……Read the Full Article at: [...]
Sergio, servidor web…
[...]No profit made on stimulus-funded job, says Romney host – Second Reading : Colorado Springs Gazette, CO[...]…