The Az Star reports that the two retail developments that received tax incentives, Oracle Crossing & Steam Pump Village came up 82% short of projected revenue from what was expected to be a windfall of income for Oro Valley.
Quoting from the article:
That demonstrates that government officials "should not be in the business of picking economic winners and losers," said Clint Bolick, director of the Goldwater Institute's Center for Constitutional Litigation.
Read the article here.
http://www.azstarnet.com/sn/85737/209054
3 comments:
Don't you love the way the developers make excuses for the huge shortfalls?
Sales were delayed because of the time needed to obtain building permits, and to construct the buildings, and to obtain signed leases from tenants. Well, duh??!! Didn't they factor those things into their projections?
I'm not a developer and even I could figure out that you have to consider the necessary time frames for these things. This is too funny!
Yes cowgirl, and what is not funny is the stupidity of our town council and officials who believed this!
Also did anybody think about the fact that sales figures may be not as high because of the duplicity of stores
I mean how many of the same type of stores do we need.
Guess they think we spend all our money shopping 24/7.
And the TC emphasizes that The Oro Valley Marketplace will be THE regional shopping center from Suarita to Casa Grande and thousands of people will come from all over to shop there, spend there, inhabit the park and OV will become dynamic and rich and a world reknowned center of 'the good life'. Well, I've heard that one where I lived before and guess what, folks, nobody showed and the ones that tried couldn't get through the traffic snarls, the retail fell short, the amenities couldn't support themselves, more and more bond issues ("but they're not a tax") were concocted ,and so it goes, on and on. Oh, by the way, they gave away the town just like we did.
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