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Fayetteville's TIF sinkhole

The Iconoclast turns his attention to recent news coverage of the big hole in the ground in downtown Fayetteville where a hotel was -- maybe is -- supposed to rise, though nothing but an eyesore has been created since 2004, when a Tax Increment Finance scheme got rolling. The developers contend they've paid full damages for not meeting the construction schedule, even if the hole in the ground remains for the next decade. They will continue to hang onto a portion of property tax increases on the property, too. Heckuva deal this TIF.

Posted by Max Brantley on July 23, 2008 10:47 AM |

Comments

Well...we can't keep sucking everything out of Mother Earth without some shifting...at least.

Posted by: zelda [TypeKey Profile Page] | July 23, 2008 11:05 AM


After the national stories about the Houston crane crashing down the TIF-Welfare Leaders in Fayetteville did manage to remove the large crain parked beside their hole in the ground. That's a
good metaphor for TIFs in general. Hole in the Ground, or hole in the taxpayers' pockets.

Thanks for mentioning they get to pocket the tax savings.
.

Posted by: eLwood [TypeKey Profile Page] | July 23, 2008 11:27 AM

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