Todd Reidbord & Walnut Capital, another piece of possible trouble in the future, he and it just make me uneasy.
My take is that it is an effective tool perverted to subsidize already stable areas. It's just way too ambiguous as written into the state code and allows for greenfield and brownfield development.
I mean, really, a forest is blighted???
For what it's worth, we're not unique in misapplying TIF. Chicago is notorious for its use. Someone even picketed city hall there with a sign that read, "TIR=genocide."
The "not so pretty" is a mixed picture, with the city trading tax revenue now at the sacrifice of union labor in the hotel. I find this very interesting (and not in a good way). It suggests that the project is viable without the TIF because the tenant of the hotel benefits most from cheap labor - not the developer who pays the property tax bill (unless they're one in the same, which probably won't be the case here) - and speaks to the exploitation of a finance method first devised to get abandoned industrial property back on the tax rolls.
Get this - returning Penn Circle to a 2-way street will most likely require a TIF attached to some new development on the circle... even though PennDOT owns the Circle. Thank you, SPC!!!!
Commenting by HaloScan
