December 30, 2010

Philly Plan

Just read about new rules to tighten up the ability for cities and towns to offer TIFS, click here .   Here is a key line:

For example, applicants must now show that their projects will generate substantial out-of-state sales in order to qualify for subsidies, disqualifying fast-food restaurants and most retailers. Greater flexibility also allows the state to direct larger subsidies to more meaningful projects, such as those in so-called gateway cities, former mill towns and industrial centers that have fallen on hard times.

The first part is bad, but the second part it real good.  Not sure exactly how our Philly Plan would fit into these new rules?

1 comment:

Jahn said...

So someone in the property rental bizz would not qualify b/c how does someone who rehabs a building on a spec basis know who his tenant(s) will be and even he does know, how could he project the amt. of out of state sales.

The building rehab on North Main St for the DA's new digs wouldnt qualify either.............renting to the DA's office isnt exactly an out of state sale.

Has City Sq II come to city hall with their organ grinder and monkey yet ...banging their tin cup looking for TIF's? If not will they now even qualify?

Doesnt Worc now have panhandler ordinance? Is panhandling (TIF'ing) even allowed on the City Hall Plaza/Campus/Chambers?

I am not so sure what the difference is between the guy on the Baaaawstin Common who aggressivley shoves his Dunky D cup under my nose looking for spare change and these TIF'ees looking to rape all the existting taxpayers in the city......and then blow town after their 20 yr TIF deals blows up in their face after 5 years.........and as they blow town they're laffin' awl the way to the bank with their property tax savings.

To TIF motis operandi....sure we'll give you a pay your taxes in full for each TIF years and after the TIF period runs and after you've met AND MAINTAINED the req'd jobs, etc..........the city will then refund your property taxes in full plus accrued interest. Theses TIF'ees are worse then the "pay me upfront" driveway paving scammers........

Basically, the TIF'ee has to perform in full before they realize their tax breaks. Maybe and I say Maybe I could be talked in to giving the TIF'ee some money back after 10 years if the TIF'ee is in compliance w/teh TIF terms.

In the alternate the TIF'ee could post a performance bond............RIGHT!!!!!!!!.....try finding an underwriter for it !!!!!!!!!..........ins. co's aint that stupid but the insanity of the political ruling class never ceases to amaze me.

Keep in mind that in todays world a 5 or 7 year business plan of any sort is considered a loooooooong range plan. ...but politicians will enter into deals that have 10 and 20 years terms........b/c they have zero business sense.

Hey did anyone catch Gary Vecchio (it think was) on Bluto this monring take the legs right out from Under Mayor Jose' his campaign plegde to vote for lowest res. tax rate and then 13 months later doing the exact opposite. wasnt exactly kind words directed toward Barack Carbon Obrein. They say Konnie is right up on Joe's heels already for the next mayors race.and that soon Joe may be eating Konnies smoke in this race. Stay tuned