- Dec 7, 2011
The No Coliseum website lays out some concerns regarding how the primary and secondary impact of the TIF is being calculated in the proposal. Also, this goes back to my original question in that would the development occur if the city would just sell the land to the highest bidder?If it were that simple, why is it underutilized now?
I haven't read the proposal, but that's not how it works normally. There isn't a pot of tax dollars sitting around waiting to be given away. The tax revenue they're talking about is derived by the arena and surrounding area. If that land sits idle, there's 0 tax revenue generated.
Ditto @ramdogs response.
Highlights – I consider the numbers below to be a best case scenario because they are provided by the firm Mayor Stoney handpicked to review the new Coliseum plan. – The project itself is only projected to generate $342 million in new Real Estate Tax revenue, while costing the City $620...