The fine folks that bring you Matilda’s good blog in NLR bring a report on the latest corporate welfare handout to a millionaire today. Verbatim:
NLR City Council just now passed both the Dark Hollow and Baring Cross TIFs. All eight alderman voted yes and yes on the emergency on Dark Hollow. All eight alderman also voted yes and yes on the Baring Cross TIF. Speakers in public hearing were civil. Pres of School Board didn’t nix it. Bruce Burrows waxed eloquent. Some citizen (believed to be an investment banker) spoke nicely against it. Alderman Neil Bryant urged them to study a 10 to 15 year pay out on the TIFs
Like the search for an honest man, you will search forever for an honest study that shows how diverting taxes from schools to millionaire developers like Burrow will pay for itself. It won’t . No way. No how. In a perfect world, a good lawsuit will bring an end to this highway robbery soon. I’m working on it.
UPDATE: The Democrat-Gazette quotes corporate welfare beneficiary Burrow as saying “income taxes” and “increased sales taxes” could be used to make up any school shortfalls. What a crock. The state income tax is appropriated by the legislature. The city has a sales tax, but don’t hold your breath for the electric-rate-ravaged city to be splitting off a chunk of it to pass on to the schools.