Monday, September 11, 2006
Posted by The Dean of Cincinnati
 This afternoon, an alert reader send me a link to this City document—a pending “emergency” ordinance about the City’s “moral obligation” to pay 3CDC $100,000. As an “emergency measure,” this ordinance will supposedly preserve “the public peace, health, safety, and general welfare” of Cincinnati.
According to the document, the City of Cincinnati created twenty tax increment financing districts, and the law required an “economic analysis for each TIF district, calculating and comparing the tax revenues generated with the TIF district accruing to the State because of the existence of the TIF district.”
Apparently, 3CDC completed just such an analysis for the twenty TIF districts. At what cost? $5,000 per TIF district—despite having no formal contract between the City and 3CDC for the work.
If anyone out there knows the details for creating an economic analysis for a TIF district, I’m curious to study educated reactions to the $5,000 fee.
In any event, the measure in question hopes to ordain the following:
That the payment of $100,000 for services rendered by 3CDC ... is declared to be a moral obligation of the City of Cincinnati.
I don’t know about you, but I sure am glad that our public peace, health, safety, and general welfare are stable now that we have the chance to fulfill our moral obligations to 3CDC, at the price of $100,000.
Thoughts?
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