Project JacksonVol. I

North Augusta Builds a StadiumYour Tax Dollars at Play

•A Cautionary Tale

•How Local Governments Run Roughshod over the Voters

•Spend Public Funds on Phony Development

•Under the “color” of law

•This could happen where you live

TIFs

• Started in California 1952 – but repealed this year

• 49 states have some form of TIF in law• Purpose – convert non-productive property

into more valuable tax producing property• Theory – local governments combine their

taxing authority in a “blighted” area to encourage development

TIFsHow They Work

City says this is ‘Blighted” – We need to chop down all the trees and put in a Hotel, 4-level parking deck, and Baseball Stadium

Current Property Taxes on Property – $12,000 -- $3,000 for City -- $3,000 for County -- $6,000 for Schools

City says – if developer builds all this stuff in this “blighted” area, let us keep all the increased taxes which would to the County and the Schools to build the stadium.

New taxes from added value-- $1.5M for City (to pay for the stadium, etc.)-- $3,000 for County-- $6,000 for Schools

Where is ProJack?Map View Street View

•Current GreenJackets Stadium

ProJack

1.7 Miles

25 acProJack

Project JacksonNorth Augusta’s TIF

$101 M Private Development279 Apt/Townhouses, 150 Rm Hotel, 70K sq ft. Commercial

$25M Stadium

$10-$11M Parking Deck

$6+M Conference Ctr inside Hotel

Total Taxpayer funded = $42M

Summary Vol. IProJack – A Cautionary Tale

• TIF Law • Intended Use• Perverted to go around the voters

Go to Vol. II to Learn More