Spag on Taxes, Linda Shaw, Roy Carroll, the Downtown Hotel, Budget Ethics and Political Morality
…Americans are tired of politicians advancing policies that seem to benefit only the very rich and the very poor, leaving the middle class to pay the majority of taxes while receiving little of the benefits. We're tired of politicians who use their office as a business networking opportunity or who care only about getting re-elected.
Locally we see this in the form of tax policies that subsidize the development projects of millionaires and politicians with YOUR tax dollars.
In 2006, our current County Commissioner Linda Shaw voted to give developer Roy Carroll nearly $1,000,000 in tax subsidies to build an expensive high rise condominium project in downtown Greensboro. Mr. Carroll kept the top two floors of the building as a penthouse residence for himself, valued at nearly $2,000,000.
Did he REALLY need your tax dollars for his project?
…YOU paid for Roy Carroll's luxury penthouse. It's too bad you don't ever get to spend the night there and enjoy the view unless you're friends with Mr. Carroll.
In 2008, Shaw voted for a bond package that was over $400,000,000. We couldn't afford it at the time, and we can't afford it now. As a result of that bond package, the average property tax in Guilford County will increase by a total of $958 per household over five years.
Earlier this year, Shaw voted for a bond package to support a new luxury hotel in downtown Greensboro. Nevermind that studies show that their is no real market for the hotel and that it would have trouble making a profit. If it fails, you will pay for it one way or another.
When fellow Commissioner Skip Alston threatened other elected officials with having them recalled from office if they voted to rescind the hotel bond package, Linda Shaw later accepted his apology saying she would "just like for everyone to get along".
What had Alston so concerned that he resorted to threats? He was brokering the deal and stood to make a lot of money if the hotel project was approved. Just another example of a politician using his office and influence to make money for himself and his friends, and our current Commissioner Linda Shaw was more concerned about everyone "just getting along".
We need to have a REAL conservative in office who won't work for the special interests and who will oppose the continued, irresponsible growth of government. We need a person who does not believe that politicians should use their office to enrich themselves or their friends. We need a person who believes in the free market and not corporate welfare or cronyism. We need a person who will be responsible with your money.
Sam Spagnola
Candidate for County Commissioner
3rd District, Guilford County, North Carolina
3 comments:
I wouldn't vote for this yahoo. She's not very bright...tax increment financing (synthetic included) and or municipal bonds have no impact, on the net county/city tax revenue. The increase in tax base covers the leverage costs. Also, municipal bonds simply involve investors purchasing stocks that are issued by a municipality. Hence, bond issuances never involve taxpayer money. Bonds simply are a tool to obtain lower interest rates on financing. That said, I'm impressed that GSO used the tools, both federal and state, to fix up the vacant 17 year old elephant in our downtown. Countless other developers wouldn't dare take on the substantial risk center point poses because, the center point project is not a money maker...I'd be surprised if carroll breaks even. Aside from that, I really wish that political candidates would, instead of blaming everyone else, come up with a better solution. We have tif financing at our disposal, we need to use it--or we loose it...
Yes, but, the taxpayers property tax did increase in Greensboro's case - at least for the homes in the tif district, but not as a result of the tif financing. the increase in property tax comes from the increased property value created by the tif project. So, basically, even if tif financing wasn't used and developers regularly financed projects, your property tax would still increase because the property value increases as areas become better developed. So you can see, the financing and bonds that the city are using are just a way to attract more development with lower interest rates.
“tax increment financing (synthetic included) and or municipal bonds have no impact, on the net county/city tax revenue.”
Discretionary debt increases without higher taxes reduces revenue that could be spend on needed services.
“The increase in tax base covers the leverage costs.”
Not lately. Tax revenues are falling and the debt costs remain.
“Also, municipal bonds simply involve investors purchasing stocks that are issued by a municipality.”
Debt is not equity.
“Hence, bond issuances never involve taxpayer money.”
Incorrect. Self explanatory.
“Bonds simply are a tool to obtain lower interest rates on financing.”
A nonsensical statement.
“That said, I'm impressed that GSO used the tools, both federal and state, to fix up the vacant 17 year old elephant in our downtown. Countless other developers wouldn't dare take on the substantial risk center point poses because, the center point project is not a money maker...I'd be surprised if carroll breaks even.“
Historical revisionism at best.
“Aside from that, I really wish that political candidates would, instead of blaming everyone else, come up with a better solution. We have tif financing at our disposal, we need to use it--or we loose it...”
Presently fiscally irresponsible.
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