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Wednesday, August 24, 2016

SNTIC Oakland Raiders Las Vegas NFL Stadium TIF Presentation Completely Wrong

SNTIC Oakland Raiders Las Vegas NFL Stadium TIF Presentation Completely Wrong The Southern Nevada Tourism, Infrastructure Committee will be hear a presentation on Tax Increment Financing on Thursday that has a page called "Tax Increment Districts" that shows just how little work staff has done, and how much more work there is to be accomplished before Nevada can intelligently determine how to finance a football stadium. TIF establishes a base year of total assessed property value and sales revenue and other tax revenues within a boundary area. It then takes the next year of total assessed property value of the area and sales revenue and subtracts that from the base year. The difference gives you the Tax Increment Revenue for that year, and then you do this each year and add the annual revenues to get your cumulative revenue, which is multiplied times the property tax and sales tax rates for that area in that state. Rather than tell what TIF is, or show what a possible district boundary would look like, or the possible revenue throw off from it, this SNTIC chart is presented. It shows not possible Las Vegas or Clark County TIF Districts, but brief mentions of other TIF financed projects in America. See: http://ift.tt/2bQVzEe But then it only mentions use of the sales tax and not property taxes. The Power And Light District used TIF from both sales tax and from property taxes - but only sales tax is mentioned. And LA Live, the complex that has Staples Center at its center, is presented as if it used TIF, when it did not. The entire 4.2 billion complex was privately financed, and the City Center Redevelopment Project Area that normally would have been used for a TIF was tied up in a court challenge. Even Staples Center was financed privately by three banks and using an asset-securitization bond. If the bonds defaulted the banks would own Staples Center. The bond financing the chart mentions for LA Live was not TIF, just a hotel tax. See:http://ift.tt/2c9gCFa That has nothing to do with TIF. It wasn't used. The preparers of the chart saw "Community Redevelopment Agency" and assumed TIF was used for LA Live. It was not. This is either a game to misinform the SNTIC or a work done in haste and completely incomplete. In either case, it's terrible.



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