January 15, 2012

DIF Financing

We have talked about this many times here.  The concept of a DIF is this:

  1. The City borrows a ton of money into an area
  2. Any excess tax revenues generated from this area stay with the City to  help pay the loan
  3. The theory being that there will be so much extra revenue that all the money that was borrowed will end up costing the tax-payers nothing
This, of course, begs the question what if there are no enough revenues?  Answer-the tax-payers end up footing the bill .   I noticed this one line in today's editorial.   "O'Brien submits to the City Council an amendment to the DIF that would allow the city to financially support the public portions of the work needed to extend Front Street to Washington Square."

That sounds to me that now these improvements are being taken out of the DIF Bond and will simply be paid by the tax-payers.  Jahn, I am confused?  


Jahn said...

I see what you're saying there Will, but given that the DIFs usually never generate enough money to amortize the DIF bonds, the taxpayer ends up paying anyway.

Something else is starting to stink about thos City Sq. Last week plans change markedly as Front st gets built out but w/o a parking garage being built until later(if ever?).

Now the parking garage was originally a Tim Hurry McFlurry payoff to unions so that Berkely would employ only union labor on the project and basically Berkley got the $25M garage for free in exchange for union labor agreement. For the MCAS impaired, union labor costs more so Berkley gets a freebie $25M parking garage in exchange for making the project union. I assume Hanover stepped into Berkley shoes and inherited the free parking garage. Now the parking garage constr. is supposedly moved to some future date (if at all?). SO hANOVER needs to be made whole for the temporary (or permanent) loss of the freebie garage.

TIFS, DIFS, unfinished Skating rinks, delayed (or never?) parking garage, Home Funds, $513,000 low income apts, the Post Office, etc, etc. When will people realize the govt is the last entity that you want doing anything for ya......especially being 100% involved in your health care......unless you're a member of Congress.

Look at this way, DIFs , TIFs, Phillies, etc. are just more unfunded govt liabilties

Jahn said...

So this morning T&G has a piece on the pedestrain/crosswalk issues of late in Worc. There were 8 pedestrain deaths in 2011 in Worceser.

So the story mentions how a pedestrain on James St cannnot cross James St after gettign her hair done and she has to walk 100 ft to a newly installed set of lights and push the button.

Story also has a photo of elementary school kids crossing Chandler St w/a the assistance of a crossing guard. What isnt mentioned is the hill on both approaches to that section of Chandler St where the kids cross.

Well in classic Clark-esque University fashion, shouldnt the city Close off 600 ft of Chandler St just as was done with Downing St where 18-22 yr old college kids are allegedly in danger trying to cross a 30 ft wide residential street. 18 to 22 yr old college kids need a city street closed off whilst 5 to 11 yr old (or is it 5 to 15 yrs old? :) ) elementray school kids are still in danger crossing Chandler.

Coulndt Clark have just ponied up from their zillion $$$$ endowment for a crossing guard or have Main South CDC just bulldoze the hill with some more gubmint money.

And why do the kids at Belmont St school get a footbridge to cross Belmont St and the kids at Chandler dont? This is blatant discrimination.

OK OK OK my point being that closing Downing St for pedestrian safety reasons is a another crock of bovine fecal matter from the city council.

To steals anothers phrase, is it just me or was this so called pedestian/motor vehicle sting(s) a bit much. Was it $200 a pop? I mean purposely using plain clothes cops as human maneqins for a traffic sting??? And dare I ask who takes the fall if one of them is injured or killed? Whats next, using Little Leaguers or hobos instead which BTW raises all kinds of questions about pedestrian/ motor vehicle "relations"

Jahn said...

So here's an interesting few lines I lifted from the T&G article about the commisioner of the as yet not even formed state gambling commission and I quote from T&G:

"Crosby, 66, readily admits to being as unfamiliar with the world of casino gambling as most Massachusetts residents. He plans to travel to other states to learn more about the good, bad and ugly of casinos."

You've got to kidding me??? A brand new hire admits to knowing nothing about his new $150,000 hack job. And oooh BTW the state of NY is now looking into more casinos. The marketplace in this region is already oversaturated with casinos, one supposedly bordering on Chapter 11??

I mean even most hacks will at least try to make it look like they know what they are doing.....to wit Pin Vedone and his new gig at the state "university" offices as executive vice deputy underassistant to whoever or whatever. And his qualifications...a sociology degree from Salem State complete with a diploma, a broom, a package of Halloween candy corns, and a black pointed hat. And opps.......... I almost forgot his "executive" experience as a state legislator.