2410168, that's not a tax break....
Posted by Warren Coolidge, Mon Jan-12-15 11:05 PM
and it's accurate to say this project and the stadium will be build with no public money...
the developers and Kroenke are paying for the entire project to get done up front...
the portions of the project that deal with public facilities like street lights, landscaping, water mains, street maintenance and the like....
the developers are paying for all of those things up front....
the developers will be reimbursed FOR THOSE THINGS.... for the tax revenue received from the project after the first 25 million annually....
So basically... the developers do it all..and pay for it all.... the city of Inglewood is guaranteed 25 million dollars annually at a minimum....everything beyond that goes to reimburse for those elements that the developers provided that are generally city/government related things.
Once those things are paid for...that's a done deal...
now... a lot of naysayers, and st. Louis people trying to hate are painting this as a "tax break" or tax money going to the developers...
it's not a tax break at all..and the revenue that will be going to the developers are tax based revenue that come from THE DEVELOPMENT ..not from general tax payers in the city or the state..
bottom line ...the city gets at a minimum 25 million per year just from the project (not counting all of the other revenue that will come from the project being in the city)..... The city, state and region get a development and stadium that they don't have to pay for .... and the parts of it that they would have to pay for..if it were any other large project...they will reimburse just for those parts..
a really brilliant plan
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