We already know that special interests run city hall in Sioux Falls, and they have a few (most) councilor’s balls in a vice, but when I heard this idea at the economic forum, cheerled by councilor and developer Gregg Jamison, I thought it would go nowhere. Well guess again;
The idea – still in its infancy – would enact a broad, temporary tax abatement program in the city. In essence, the program would give builders an incentive to start projects now on the promise of lower property tax bills once they’re completed.
Here’s the deal. DEMAND drives commercial development. If businesses need more office space, contractors will figure it out and build more office space. What a concept? Huh?
The details of abatement programs vary, but they generally work something like this: Without an abatement, a developer who builds an office or apartment building would begin paying the full tax bill on the property once it’s completed. The property taxes on the same building built under an abatement program would be phased in.
So I am guessing this is similiar to the program I got when I bought my first home? Wait. That program does not exist you say? Well why not? Because the little man gets his taxes increased on bread and milk so the big man can have FREE MONEY from the city coffers.
[youtube]http://www.youtube.com/watch?v=4-Ve19tbxlQ[/youtube]
And of course, Gregg, SPECIAL INTERESTS, CITY LEAKING MONEY, AC/DC SHIRT WEARING, REAL PEOPLE DIE IN FLOODS, HANDOUTS NOT HAND UPS, WASHER AND DRYER IN EVERY ROOM, LISTENING TO DADDY’S TALKING POINTS, Jamison thinks it is a swell idea;
The idea originated in a community forum of local business leaders who were exploring options to help the economy and community. The forum was the idea of City Councilor Greg Jamison.
“I think any idea to help stimulate the economy is worth looking at,” Jamison said.
Wanna stimulate the economy? Bring high paying manufacturing and technical jobs to Sioux Falls. Have tax incentives for people buying homes in older neighborhoods that are willing to fix them up. Invest in the citizenry first, build the city from the bottom up, not the top down.
We know how Reagan’s ‘trickle down economics’ worked, we are climbing out of that hole right now. Sorry, Gregg, there is no such thing as FREE MONEY unless you are a dirt poor rancher in Winner, SD.