The Iconoclast, which follows the boondoggling mayors of Northwest Arkansas with a ferocity that would make Commodore Hays think I’m a teddy bear, offers more reasons to be wary of public officials bearing hotels as keys to economic development. (I welcome anyone who wants to spend his own money on anything. It’s when public officials come seeking school tax money or other public handouts for their ideas that I urge extreme caution.)
In addition to noting the famous hole-in-the-ground TIF in Fayetteville, The Iconoclast writes about the difficulties nationally in obtaining hotel financing and the general depression in the industry.
Moral: Let those who want to proceed with hotels build their own facilities. We can consider letting them use ONLY the taxes generated by their investment to provide public infrastructure. But let the NLR school district keep other tax dollars, lest they be used to dig a hole in Dogtown to match Fayetteville’s.