Monday, September 24, 2018

'No crisis,' Mayor Briley says of Nashville's finances,

Mayor Briley
'No crisis,' Mayor Briley says of Nashville's finances, affordable housing. Others push back

The Tennessean, ....Mayor David Briley told an influential group of business and political leaders last week there's "no crisis." ....

A rebuke on Briley's remarks on the fiscal situation — in which a shortfall in expected tax revenue made for only modest budget improvements even as Nashville's economy is booming — came from At-large Councilman Bob Mendes at Tuesday's council meeting.

Mendes took the floor to discuss an ordinance he's introduced to overhaul tax increment financing incentives that the city uses to spur downtown development. The bill, which seeks to protect tax revenue for public schools, advanced on a second of three readings.

He cited figures that place Nashville second in debt per capita among the nation's top 50 populated cities, trailing only New York and directly ahead of Chicago.

"We're out of whack," Mendes said, defending his push to "reset" TIF incentives that were originally adopted 35 years ago. "We're having problems with fundamental equity for employees in the city.
"There is a crisis in the city when it comes to its finances," he added, "even if the people downstairs don't want to use that word."

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