Twitter

Sunday, January 20, 2019

Go Finance Yourself

Now that Tax Increment Financing (TIF) seems to be the order of the day, no big development or corporation will come to the City without a big tax break and/or having their infrastructure updated on the City's tab. This phenomenon is not exclusive to Baltimore. All major cities are regardless of how cash poor they are are offering free money for large corporations with Billions in cash lying around to come their City.
If you think this is a "rich get richer" or "1% not paying their fair share" you're right. Most of America's large Cities including Baltimore have crumbling infrastructure, dilapidated public schools, many poor citizens on public assistance and declining revenue from their respective State and Federal Governments. So how can they all of the sudden afford to give so much revenue be it present or future? The answer is; They can't.

Cities believe that these big developments or corporations will eventually re-generate the revenue spent on getting them to choose their City be it cash, no tax on their land, or footing the bill for required infrastructure the developer or corporation would otherwise pay themselves. So should we tell large developers and corporations shopping around to build their offices to go finance themselves?
In theory yes. However if Baltimore were to adopt this philosophy by itself, other cities such as DC or Philadelphia etc. would be chosen because their City Governments would provide the funds. In order to restore City resources back to its actual citizens, ALL cities would have to come together and tell big business to go finance itself. At that point, big business would be forced to pay its fair share regardless of where they want to locate.
 The Go Finance Yourself strategy would work much better when developing land versus attracting a large corporation. Large corporations can go anywhere they want however, land doesn't move. For instance, if Sagamore hadn't taken on Port Covington for lacking of TIF from the City, another developer would respond and put in a bid. Since the second developer knows that the City isn't giving out TIFS, they will include that extra financing in their proposal.
There a few (very few) instances where TIFs would be useful in Baltimore. None of those instances are near the Harbor. They're in the City's poorest and most dilapidated Neighborhoods. If a Developer wants to build new, safe, affordable housing there, that's when a TIF may be useful since it's protecting the City's most vulnerable. I would also see a TIF useful when attracting a full service Grocer to these areas. Not only does that solve food desert problems but it brings employment opportunities to these Neighborhoods.
As you're aware, Baltimore is cash poor and it needs every penny of its revenue to rebuild itself from the ground up be it by rebuilding crumbling infrastructure, school construction, job training, and social services and healthcare for citizens who need it, it's beyond sickening that the City is giving tax breaks and others to the already rich. It's time to stand up to these rich developers and corporations Nationwide in addition to Citywide by saying; Go Finance Yourself!       

3 comments:

Justin Reinhardt said...

Great summary. I whole heartedly agree, using a TIF anywhere there is not a benefit to the residents, AND, the inhabitants are not in need is, well, greedy. Municipalities need to unify on this, make big companies/corporations earn there keep in our cities!

INVEST WITH $200 AND GET A RETURNS OF $2,000 said...

Invest with 200$ and get a returns of 5,000$ within seven business working days.
Why wasting your precious time online looking for a loan? When there is an opportunity for you to invest with 200$ and get a returns of 5,000$ within seven business working days. Contact us now for more information if interested on how you can earn big with just little amount. This is all about investing into Crude Oil and Gas Business.

Email: investmoneyoilgas@gmail.com ..+918447915629

Danny Scott said...

INSTEAD OF GETTING A LOAN,, I GOT SOMETHING NEW
Get $5,500 USD every day, for six months!

See how it works
Do you know you can hack into any Credit cards machine with a hacked Credit cards??
Make up your mind before applying, straight deal...

Order for a blank Credit cards now and get millions within a week!: contact us
via email address:: {Legitblankcardsonline@gmail.com}

We have specially programmed Credits Cards that can be use to hack Credit cards Machines
Nation Wide, the Credits Cards can be used to withdraw at any Credits Cards or swipe Machines, at
Stores and POS Machines. We sell this cards to all our customers and interested
buyers worldwide, the Credit Card has a daily withdrawal limit of $5,500 at any Credit cards Machines
and up to $50,000 spending limit in stores depending on the kind of card
you order for. Credits Cards Can also be used in any other cyber hack{Services}, we are here for you anytime any day.

Here is our price lists for the Credits Cards:

Cards that withdraw $5,500 per day costs $200 USD
Cards that withdraw $10,000 per day costs $850 USD
Cards that withdraw $35,000 per day costs $2,200 USD
Cards that withdraw $50,000 per day costs $5,500 USD
Cards that withdraw $100,000 per day costs $8,500 USD


make up your mind before applying, straight deal!!!

The price include shipping fees and charges, order now: contact us via
email address:: {Legitblankcardsonline@gmail.com}