If you build it (and get a big enough tax freeze), they will come

I posted last month about the failed Horizon Condo project converting to luxury apartments and getting a $10 Million+ Pilot tax break.

Today’s Commercial Appeal reports that another Downtown property, a 204 unit apartment complex on Mud Island, yet to be started, has been granted a 10 year tax freeze worth $2.47 Million.

“The Center City Revenue Finance Corp. waived a policy against property tax freezes for apartments on Mud Island after representatives of Grand Island LLC said the project wouldn’t be feasible without one.”

As a taxpayer, I would like to know who is accountable for the tax dollars that the Center City Revenue Finance Corp. gives away. Everyone I know has been hit with reappraisals that exceed previous appraisals by double digits. One way or another we will be squeezed for more property taxes to complement our nearly 10% sales tax.

What is the Center City Revenue Finance Corp.’s budget? Who approves the credits? Why has the Corp.’s “policy” been “waived” twice in a one month period?

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