Green Hill CC Lost $600,000 Last Year

Next Prediction On The LDA

 

The LDA (Land Disposition Agreement) will not have any penalties (legal remedies) for Madison.   It will simply refer to the terms of the "Letter of Understanding" , which has no penalties..  

 

This LDA will get approved, the land will be transferred and the Developer will pay the first two years of the TIF then:

  1. If the project goes as planned, then they will continue to the pay the TIF.
  2. If it does not go as planned, they will walk from the TIF and pay taxes on the empty land.

 

The day of reckoning for the taxpayers will be in two years:

  1. Either the developer keeps paying the TIF and we hope the project is "revenue neutral".
  2. Or the developer ends the TIF and walks away without any penalty and the taxpayers are left holding the bag.

 

Taxpayers better hope this project goes well or we will be left holding the bag

 

  



Comments

David Z. said…
In Ed we Trust.

https://www.telegram.com/news/20200923/worcester-city-manager-proposes-new-fund-for-projects