Special for Mayor Hays | Arkansas Blog

Tuesday, November 11, 2008

Special for Mayor Hays

Posted By on Tue, Nov 11, 2008 at 11:50 AM

I clicked the Kansas City Star website today looking for more news about the devastating layoffs -- more than 200 now -- that have hit the ranks of that storied newspaper. Good timing. I found a batch of stories on Tax Increment Finance Districts, which have enjoyed great favor in KC.

NLR Mayor Pat Hays is desperate to get TIFs up and running in his city. Jonesboro has already been plundered. The TIF law provides that developers enjoy taxpayer subsidies to encourage projects. In theory, TIFs were supposed to help combat blight. In Arkansas, developers have mostly talked them up in prosperous areas where taxpayer subsidies aren't necessary for success (i.e. a new mall for Jonesboro). NLR has targeted some land more in keeping with the original philosophy, but I don't include the paving of Dark Hollow for Bruce Burrow's sporting goods store in that category, particularly when you consider the dredged wetlands and the vast investment in highway infrastructure necessary, on top of welfare payments to the developer from property tax proceeds

But back to the KC Star. It's done a bunch of reporting on the topic that has relevance here.

Such as excessive profit margins for developers with taxpayers' help.

Such as the risk of getting infected with TIF frenzy and extending benefits to projects that "overpromise and underproduce." KC has 55 TIF districts now that have extended more than $3 billion in promised tax breaks.

Such as a mayor who thinks the city needs a "coherent economic development policy." As opposed to giving away the farm to whichever developer turned up at City Hall with a smile and a shoeshine.


Sign up for the Daily Update email
Favorite

Comments (3)

Showing 1-3 of 3

Add a comment

 
Subscribe to this thread:
Showing 1-3 of 3

Add a comment

More by Max Brantley

Readers also liked…

  • Trump immigration protest at LR: Quick and fierce

    It was not even 24 hours ago that Sophia Said, director of the Interfaith Center; City Director Kathy Webb and others decided to organize a protest today of Donald Trump's executive order that has left people from Muslim countries languishing in airports or unable to come to the US at all — people with visas, green cards,a  post-doc graduate student en route to Harvard, Google employees abroad, families. I got the message today before noon; others didn't find out until it was going on. But however folks found out, they turned out in huge numbers, more than thousand men, women and children, on the grounds of the state Capitol to listen to speakers from all faiths and many countries.
    • Jan 29, 2017
  • Your daily dose of Jason Rapert

    Sen. Jason Rapert really, really didn't like it when a KATV reporter asked him about the hypocrisy of his political arguments.
    • Feb 4, 2017
  • Among the last words from Kenneth Williams: 'Finger Lickin' Good Fried Chicken'

    What's purported to be a final-words essay from condemned prisoner Kenneth Williams was distributed today by Deborah Robinson, a freelance journalist in Arkansas.  He reflects on his execution, his victims, reactions of inmates and big servings of fried chicken, which he says are given to all inmates on execution days.
    • Apr 27, 2017

Most Viewed

Most Recent Comments

Slideshows

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation