Dear Editor:
The St. Mary's TIF funding requested of $6.7 million is misleading. According to Farmer Holding Company (FHC), this money is mostly generated by a 1 percent sales tax for 40 years. I don't believe in any of these TIFs, but in this case, one could argue the sales tax is necessary for demolition cost. If someone doesn't support the project, they can chose not to shop at the site. Just like I will never spend a dime at the stores in the Capital Mall TIF. What I don't understand is why any local government official would want to grant 23 years of no property tax. This effects all residents by lack of government services, especially education. FHC expects to finish the project in 2020. In 2039, they say their property tax will be $1.3 million. So in 19 years, local governments will lose $24.7 million in revenue. This would also create an unfair advantage for FHC. All other retail and office property owners should be outraged. If this is approved, the bottom line is that FHC will have a complex worth tens of millions of dollars paid for by or at the expense of us, the taxpayer.
In this town, the "but-for test" is more like the "but who test." In discussing the Truman Hotel TIF, it was stated that a major difference in TIFs is that the developer reside locally. The Puris are from Columbia. Apparently they weren't friends with the right people, so their investment was not welcomed.