Many of you know that another Anaheim centric blog exists. I won't point you in their direction unless you enjoy reading fiction. But I would like to share something a commentator wrote in response to this:
"I have supported this agreement from the beginning as something that will generate job, economic growth and increased city revenues in the long-run. Even those who oppose subsidies or “picking winners and losers” on principle can admit that the economic return of the GardenWalk agreement exceeds the cost to taxpayers. I’d go further and argue there is no cost to taxpayers because if this agreement isn’t approved, the GardenWalk project dies and there won’t be any TOT revenue to share. If it is approved, the GardenWalk TOT being shared is revenue that hadn’t been going into city coffers and so nothing is being “taken.” Furthermore, a permanent, long-term stream of additional TOT revenue will be established."
The commentator Biff responded with:
I'd go further and argue there is no cost to taxpayers because if this agreement isn’t approved, the GardenWalk project dies and there won’t be any TOT revenue to share.
Right, because if McConnell’s project fails, certainly nobody will ever attempt to build something on these empty parcels that just happen to be a block away from one of the most-visited tourist attractions in the world. It’ll be the haunted elephant graveyard of abandoned building sites!
I’ve never understood project backers’ behaving as though this particular project, with this particular financial arrangement, is the only shot this property has (or their lionization of Bill McConnell for bringing it to the table; it’s not like the guy is risking his family fortune to build a hotel on a reclaimed brownfield site in Chowchilla. He’s asking the city to throw in its oversized share to make his sure thing even surer). If another builder comes along who can do the deal without the city support that McConnell requires, it could be a net win for Anaheimers even if it took several years for someone new to come on the scene, as the city would then take in all of the TOT revenue, rather than leaving it encumbered for years as it would be under the McConnell scheme.
Clearly Biff has brain between his shoulders unlike Sandy Day, Matt Cunningham, Curt Pringle, Kris Murray, Gail Eastman, Harry Sidhu, Todd Ament, Jill Kanzler, Reed Royalty, and Jordan Brandman.