Taxes and Development

Rennix on making wise fiscal choices:

We need to keep taxes low and avoid unnecessary debt. We should not have given away incentives costing tax payers 49.3 million (the interest-added total we owe!) to the developers of the Twin Peaks Village! This is a debt we will be paying off through 2037. We mortgaged four city buildings including the Civic Center, the Safety and Justice Center, the Library, and the Development Services Center to secure this debt. This was done without payback in terms of high paying jobs, housing, or community. Looking at it at in in terms of sales tax the mall would need to clear somewhere in the neighborhood of $1.315 BILLION to pay back this debt!(rationale: $49,300,000/3.75*100). We made a huge bet taxes from the project will pay us back without requiring funding from other sources.  If collections don’t equal or surpass our payments we have a diminishing ability to fund other projects, like roads and bridges and vital services. Longmont needs to invest your money more wisely.