Howard Terminal Update: Why Is Alameda County Holding Today’s Board Of Supervisors Meeting?
Howard Terminal Update: Why Is Alameda County Holding Today’s Board Of Supervisors Meeting? - Video
Howard Terminal Update: Why Is Alameda County Holding Today’s Board Of Supervisors Meeting? Ok. Why is Alameda County holding today’s Board Of Supervisors Meeting? Because the Mayor of Oakland believes she needs the County’s 17 percent of the property tax revenue Howard Terminal produces in order to make a tax increment financing district under what is called Enhanced Infrastructure Financing District law for the ballpark area there. The truth is she does not need it in order to use tax increment financing - she just loses the 17 percent of the revenue. She can make that up mathematically. So if Oakland projects $1.6 billion in property tax revenue assuming a base year assessed value of $2 billion, and four percent rate of growth in assessed value annually, then one has to add 17 percent more in assessed value to make up for the County opting out. The law allows for the district fiscal agent and not the City to be responsible for bond default. And my question is why has Oakland not done its Infrastructure Financing Plan as called for by EIFD law? Also when the City of Oakland makes and the Athletics make their presentation, if they do, look for an all-white consulting team. The total absence of black economic development consultants in this is galling. It’s not like there aren’t any. They could have called Annejette Scott for community development and me for tax increment financing since I am the one who told A’s President Dave Kaval about the ability to use EIFDs in the first place. Stay tuned.
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https://youtu.be/Sfp86mr3u6o
Howard Terminal Update: Why Is Alameda County Holding Today’s Board Of Supervisors Meeting? Ok. Why is Alameda County holding today’s Board Of Supervisors Meeting? Because the Mayor of Oakland believes she needs the County’s 17 percent of the property tax revenue Howard Terminal produces in order to make a tax increment financing district under what is called Enhanced Infrastructure Financing District law for the ballpark area there. The truth is she does not need it in order to use tax increment financing - she just loses the 17 percent of the revenue. She can make that up mathematically. So if Oakland projects $1.6 billion in property tax revenue assuming a base year assessed value of $2 billion, and four percent rate of growth in assessed value annually, then one has to add 17 percent more in assessed value to make up for the County opting out. The law allows for the district fiscal agent and not the City to be responsible for bond default. And my question is why has Oakland not done its Infrastructure Financing Plan as called for by EIFD law? Also when the City of Oakland makes and the Athletics make their presentation, if they do, look for an all-white consulting team. The total absence of black economic development consultants in this is galling. It’s not like there aren’t any. They could have called Annejette Scott for community development and me for tax increment financing since I am the one who told A’s President Dave Kaval about the ability to use EIFDs in the first place. Stay tuned.
via IFTTT
https://youtu.be/Sfp86mr3u6o
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