Quote:
Originally Posted by Makid
What gets me about the hotel is that people keep thinking it is being built with tax dollars. It isn't.
What would happen is that the State, City, County and School District would continue to see the current tax level they do now. The increase in property taxes would be returned to the developer. This is a tax incentive. An incentive only.
The incentive offered is no different than any incentive to entice a company to move to the state or to a given city. No government budget would take a hit for construction costs as the developer would be paying for it.
The incentive is just a way of saying "Hey, we are going to lock that piece of land at the current tax level for the next 20 years. If you build something big there, your property tax won't increase for 20 years." This allows developers to receive a faster ROI and it does encourage development.
I just wish that SLC Council would do something similar for the surface parking lots.
|
The assumption that the City would be paying for the hotel with tax money is a widely held one. The newspapers are partly to blame with the way they title their stories. A lot of people don't read. Sad, but true. Someone who is invested in this project should make a Youtube video explaining the particulars of this, and then blast it on social media --that seems to be the way people learn things these days.
Threaded Mode