https://www.youtube.com/watch?v=me_1Jw6kN50
It only took Lloyd companies 13 years to fulfill a promise (13 YEARS!) why wouldn’t they deserve a TIF?
Since the completion of Phillips to the Falls in 2004, significant investment of public and private dollars has occurred in the Uptown area. In recent years the City has made land available, resulting in several million dollars of private investment. This development will be constructed for an estimated cost of $43.5 million and will provide further economic benefits for our community including $400,000 to $500,000 in new property taxes paid each year. The City administration is supporting a Tax Increment Financing District for the project ($4.1 Million proposed).
Besides the fact that the developer drug their feet for 13 years and left the city holding the bag (and the land) the city council has NOT approved this project, and certainly has not approved a TIF. In fact, many on the council had NO CLUE a TIF was being proposed.
As far as I am concerned, since the developer was SUPPOSED to buy and develop this land 13 years ago, as they promised in front of a full council chambers (I was there) any discounts on property tax revenue should have ran out a long, long, long time ago. They were supposed to be paying on this plot of land for the last 13 years, and now they have the nerve to ask for a TIF as the taxpayers held this plot of land for them, for 13 years, at NO COST?
NO WAY!
I said Phillips to the Falls was Munson’s folly, and it continues to not disappoint being a money pit for taxpayers as developers continue to ask for corporate welfare. If the mayor is truly serious about ending subsidies, he can start right now with this project.