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Project Jackson Vol. I

Project Jackson Vol. I. A Cautionary Tale How Local Governments Run Roughshod over the Voters Spend Public Funds on Phony Development Under the “color” of law This could happen where you live. North Augusta Builds a Stadium Your Tax Dollars at Play. TIFs.

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Project Jackson Vol. I

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  1. Project JacksonVol. I • A Cautionary Tale • How Local Governments Run Roughshod over the Voters • Spend Public Funds on Phony Development • Under the “color” of law • This could happen where you live North Augusta Builds a Stadium Your Tax Dollars at Play

  2. TIFs • Started in California 1952 – but repealed this year • 49 states have some form of TIF in law • Purpose – convert non-productive property into more valuable tax producing property • Theory – local governments combine their taxing authority in a “blighted” area to encourage development

  3. TIFsHow They Work City says this is ‘Blighted” – We need to chop down all the trees and put in a Hotel, 4-level parking deck, and Baseball Stadium Current Property Taxes on Property – $12,000 -- $3,000 for City -- $3,000 for County -- $6,000 for Schools City says – if developer builds all this stuff in this “blighted” area, let us keep all the increased taxes which would to the County and the Schools to build the stadium. New taxes from added value -- $1.5M for City (to pay for the stadium, etc.) -- $3,000 for County -- $6,000 for Schools

  4. Where is ProJack? Map View Street View • Current GreenJackets Stadium 1.7 Miles ProJack 25 ac ProJack

  5. Project JacksonNorth Augusta’s TIF $101 M Private Development 279 Apt/Townhouses, 150 Rm Hotel, 70K sq ft. Commercial $6+M Conference Ctr inside Hotel $10-$11M Parking Deck $25M Stadium Total Taxpayer funded = $42M

  6. Summary Vol. I ProJack – A Cautionary Tale • TIF Law • Intended Use • Perverted to go around the voters Go to Vol. II to Learn More

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