Wednesday, October 14, 2015

TIF Tax Breaks May Get More Oversight From New Council Members

WTVF Channel 5 News, Oct 14, 2015, NASHVILLE, Tenn. - Newly elected Metro Council members promised more oversight of the city's use tax-increment financing (TIF) after a meeting Tuesday at the Tennessee Comptroller's Office. (link)

My Comment: This is good news. Jeff Syracuse and Larry Hager, who are prominently featured in this video, may evolve as two of the "good councilmen" in the new Council. I supported both of them in the recent election. I do not know Jeremy Elrod or Mina Johnson but if their comments in this news report are indicative of how they will vote in the Council, then they may also evolve as "good councilmen."

This video reveals that even after their Tax Increment Financing loan are paid off, the tax revenue generated from properties financed by TIF continues to flow to MDHA rather than the city treasury. This means those downtown properties do not help fund our schools, or roads or police or fire or any of the other functions of Metro Government. I hope the new council will put a stop to this abuse of TIF.

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