posted on July 17, 2006 11:34
One of our readers offered an interesting perspective on the issue of whether the city should agree to help finance a new North Hills parking deck with developer John Kane:
“Downtown they have taken real tax dollars and spent it on a hotel plus committing a future source of revenue to pay for the Convention Center.
“North Hills is spending future source of revenue that will only exist if when and if Kane spends close to a billion dollars. An enormous difference.
“On top of it all, we don’t know if the money spent on the convention center will ever result in a positive for the area; therefore, a big risk for the City and the County. If North Hills is not successful, it will just take longer to pay the bonds. The risk is with Kane and his partners.
“Under the best scenario, the Kane project will add more jobs and increased economic activity which will help pay for the Convention Center and the hotel. Who knows: maybe the convention center will be also be successful.”
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