posted by Mike Madison at 1:49 PM /
Cross-posted from Pittsblog:
UPDATE (March 7, 2006): The Tribune-Review takes note.
Actually, that last line is misleading. The problem here isn't that a TIF would turn taxpayers into venture capitalists. Venture capitalists, after all, are all about returns on their investment. A TIF for Zamagias would produce returns for Zamagias, not for the taxpayers. The problem here is that Mt. Lebanon and County taxpayers are being asked to give up so much in return for so little.
UPDATE (March 7, 2006): The Tribune-Review takes note.
Take a hike: Zamagias Properties is telling Mt. Lebanon officials that it won't build a $28.8 million luxury condominium project without a $4.5 million tax-increment financing package. The 60 condos would sell for, on average, $475,000. Tony indeed. Why should the public help pay for such a thing? Pure and simple, it shouldn't. If Zamagias can't make a buck on this project on its own, the complex should not be built. Taxpayers are not venture capitalists.
Actually, that last line is misleading. The problem here isn't that a TIF would turn taxpayers into venture capitalists. Venture capitalists, after all, are all about returns on their investment. A TIF for Zamagias would produce returns for Zamagias, not for the taxpayers. The problem here is that Mt. Lebanon and County taxpayers are being asked to give up so much in return for so little.
1 Comments:
Mt Lebanon is a great place that, like many others communities, has its share of problems. Despite that, I think most people who live here choose to stay because the benefits outweigh those problems. When you do move here get involved; attend the commission and school board meeting, and get to know those who continue to try to make a difference.
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