Columnist Gil Smart opines in “CRIZ = Debt ” as follows:
“The CRIZ almost comes off at the equivalent of borrowing to put an addition onto your house. It’ll make it better! It will raise values, spruce the place up a bit! But would you borrow, say, $20,000 if your job security situation was kind of dicey, if you’d already tapped your 401(k) to pay living expenses? Well, too many people HAVE done this sort of thing, which is a base cause of our economic woes.”
WATCHDOG: What Smart says would be true for a state guaranteed bond that was repaid back by the borrower. But that is not the situation with CRIZ
CRIZ is repaid from future taxes that presumably would be earned by the state. So it is not the owner that pays off the debt, it is our children and grandchildren because they will not have the tax revenues from the project necessary to pay their future government costs.
CRIZ is a feeding trough for special interests at the expense of future generations.
Let’s get that straight.
