Monday, March 23, 2009

More TIDDs Info You Won't Find in the J

Another Response to my TIDDs story with comments(**) from a TIDDs expert:

SunCal will get the TIDD money whether they provide a single job or
not.  There is nothing in the state law which requires that they
actually come through on their promises.
 
**The bonds can't be sold until there is sufficient GRT and property tax revenues generated within the TIDD to back the bonds ........ so SunCal doesn't have to create new jobs, but if they don't bring in jobs there will be no GRT......and no bonds.


That makes the TIDDs a pure giveaway - money for nothing.  It ought
to be illegal.  If they were contracts, they would have people going to
jail, even in New Mexico.
 
**I don't agree with this statement, but I understand what motivates the sentiment.

Once the Bonding is approved, it cannot be disapproved in the
future.  Once and over - it's a done deal.
 
**I'm researching this point ..... everyone I have spoken with concurs with this statement.  It concerns me very much.

TIDDs are funding for infrastructure - roads, sidewalks, parks,
flood control, stuff like that.  Nothing to do with jobs - nothing. 
But the money is a direct subsidy to the developer - it significantly
cuts his cost of doing business, so his profits go up by that amount. 
Wonder why SunCal is will ing to pay hundreds of thousands of dollars
to get the TIDD passed?  They will make hundreds of millions in pure
profit when the funds roll in.
 
**TIDDs are pure profit for SunCal .... I agree.  Normally, the developer is required to construct the roads, sewer, and water, etc. with his own $$.  In the case of TIDDs, he still must use his own $$ upfront, but then he is repaid in the future when the TIDD bonds are issued.  So it cushions his bottom line --- his profit.  It also shifts the risk from the private sector to the public sector.

They say they don't get paid until they do what they promise.  In
real life, that means they promise to build a road and some flood
control, and they get paid for it.  Bringing jobs is NOT in that
equation.  It's all about infrastructure.

**This is true to a point.  If there are no jobs ....there is no GRT.  If there is no GRT (and property tax), there will be no bonds.   So he must generate jobs.  The real issue ... will he simply entice existing jobs away from another part of the city or state to his development.   I think the cannibalization issue a serious one.  

If TIDDs bring jobs from outside the state, why did the State
provide incentives of $132M to Schott Solar and $47M to Fidelity to
move into Mesa del Sol?  MdS has huge TIDDs - no pun intended - why
didn't their magic suffice to bring in those outfits?  In fact, what
effect did their TIDDs have, at all, in bringing these companies to
town?

Giving up the taxes doesn't matter?  The development will be built
out in a few years, but for at least 30 years, the City and/or County
must provide ALL of the services, operations, maintenance, and anything
else that a big development like that would require.  But they have to
do it with only their remaining part of the Tax revenue - 25% to 50%. 
They can't do it.  Somehow current planning seems to ignore this point,
but it's very real - there is going to be a real awakening when things
start to get built.

Or, if it turns out that this portion of the tax revenues is enough
- then taxes should be cut big time!  You just can't win.

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