Tuesday, October 30, 2018

Metro Underestimates Cost of Controversial Tax Incentive. Robbing Schools to pay developers.

Weston Hotel
by Ben Hall, News Channel 5 - Metro council members are raising questions about the true cost of a controversial tax incentive program known as tax increment financing (TIF). ...Last year the city was forced to withdraw money directly from Metro School's budget -- without warning -- to cover the cost of the program. ... the city unexpectedly took nearly $1 million dollars out of schools accounts to cover "tif tax breaks." ... Last year, the total cost of the city's TIF program came in at $28.5 million. (link)

Weston Hotel paid more than $1.9 million in property taxes last year but only about $43,000 went to Metro to pay for city services. 

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