Letter to the Editor
To quote our famous son Will Rogers, “All I know is just what I read in the papers.”
I have had several letters to the editor printed recently, letters critical of the proposed TIF, for Monkey Island complex. In the June 17th issue the Grove Sun Daily reported the, “Suzy Teehee asked about the ad valorem taxes that would be lost to the schools and the library system. (Dan) Batchelor replied that additional stimulation of the economy would offset the loss.
On June 27th Sarah Hoklotubbe, in “Letter to the Editor” said, if approved, the county would issue bonds or notes to fund the project. According to the lawyer, if the project fails, the developer is responsible for buying the bonds or notes. If the project fails, where will the money come from to buy the bonds or notes? The lawyer also stated that the TIF is transferable, should the owner decide to sell.” She further stated that, “The question that went unanswered was how this TIF is going to benefit the major part of Delaware County?”
As reported in the Grove Daily Sun, Tuesday, July 1, 2008, “The TIF will divert approximately $25 million from the county, county health department, library, emergency services, Grove School system and Vo-Tech facilities. The monies collected from the TIF will be used to pay for amenities associated with the construction of the new resort, which will cost an estimated $500 million. The TIF could remain in place for 25 years”
Friday, July 11, I received a phone call from Commissioner, Ken Crowder. Mr. Crowder stated not one penny would be taken from any of the entities mentioned in the quote above. We also discussed the “bonds or notes.” I learned that in the event the project is not successful Mr. Boylan would purchase the financial instruments.
It would appear that none of our public entities would suffer financial losses from the TIF: I must not have read the article correctly. As long as Mr. Boylan remains solvent, the bonds or notes are safe.