The Morning Call made this a "subscriber exclusive". So I guess none of us will ever know what this all about unless we "subscribe". Maybe now the paper knows how we feel when it doesn't make more information freely available to us either.
BTW
They picked a less then flattering photo..
So I suppose that may indicate their displeasure.
One thing I'm certain the NIZ has always be less then accountable for it's actions to the taxpayers. In my opinion that makes this whole thing stink. I suspect there's some rather shady dealings going on in my opinion.
What I want to know most is how much money is the arena losing. I highly doubt it's "making" money.
How ironic after the paper sold it's building located in the NIZ to this developer, moved to his other building it no longer pays rent to.. there is now sudden concern. Why? Somebody have a falling out?
He's like a social media manager gaslighting the audience. He's protecting his childhood buddy JB Reilly from disgrace. Pat Browne should be investigated for fraud!
ReplyDeleteThe problem I have with the NIZ is it doesn't benefit Allentown. None of our city nor school taxes have benefited by having gone down. Homeowners and renters have seen zero benefit. What's the point of spending around a billion dollars of state taxpayer's money if it doesn't benefit anyone except a handful of a select few. One big transfer of wealth disguised as some sort of improvement for the average smuck (which it does not). Not even for the state which loaned money it may or may not see come back over 30 years. If it isn't a scam it sure comes close to it!
ReplyDeleteHere’s the problem. Those state taxpayer dollars are NOT loaned. The developers hold all the equity of those buildings in their name. The idea was new tax revenues created by those funds would eventually exceed what what would have been brought in anyway without the NIZ investments.
ReplyDeleteBy year 5, it was clear the tax revenue used up by this scam would never be in positive territory, the state was already behind so far any additional tax revenues could not catch up.
It’s a simple calculation, the before vs. after tax income. One the Morning Call refused to even look at. For state taxpayers, this IS a total disaster that should have been stopped in its tracks long ago.