Fayetteville's TIF sinkhole | Arkansas Blog

Wednesday, July 23, 2008

Fayetteville's TIF sinkhole

Posted By on Wed, Jul 23, 2008 at 10:47 AM

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.

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