LNP reported yesterday “State: Lancaster to get less than $3,000 from the CRIZ program this year.”
According to the article, Randy Patterson who is the city’s director of economic development suggests the figure should be closer to $127,000.
The funds are to be generated from increased state tax revenue in the CRIZ zone over the base year of 2014.
Even so, the $127,000 would only amount to about half the amount needed to pay interest and debt service on the $5.4 million the city intends borrow against CRIZ revenue this year.
Of that, $2.4 million is pledged to the Convention Center with another $3 million to follow in future years.
Here is what LNP forgot to mention in its article. The City taxpayers are on the hook to make up any shortfall from the CRIZ program! (It is hardly likely that any lender would waive the state and city guarantees under the program.)
And, by the way, even if Lancaster CRIZ is able to pay its way, it is simply doing so with future tax money which means — you guessed it — taxes will have to be higher in the future to make up for future tax money that is given away today. Our kids are really going to love this.
They say that CRIZ stands for City Revitalization and Improvement Zone. We say it stands for craziness.
When are the primary benefactors of CRIZ hand-outs – PSP/LNP/HIGH – going to be held accountable for folly of the Marriott/Con Center??
How can taxpayers get a say in this?
What does it take to start a tar-and-feather campaign? Oh, I forgot….LNP did that against the County Commissioners who opposed this white elephant.
Taxpayers and the School District of Lancaster have been held hostage long enough…if PSP/LNP/High wants to do something, let THEM do it.
Another good reason to leave the city.
“The quality of our taxes continues to improve” – Mayor BowTie
I personally cannot wait to move out of the city…for So many reasons.
Glad I don’t live there.