In summary, the LEDC is completely useless and has wasted millions of dollars (approximately $333,000 per year skimmed from sales taxes) on “growth” that would have happened anyways. Much of this was wasted on a “business park” that STILL sits empty after 17 years of wheel spinning.
The entire group that makes up the LEDC is an incestuous group overseen by some members of the LEDC board itself (TJ Monroe now and Misti Talbert before her). The LEDC has no written rules about financial conflicts of interest AND his no written rules on document destruction or retention. All of this means it is a fairly simple matter to feather peoples’ nests and waste piles of money without fear of repercussions.
Furthermore, the make-work Nerf job of “Economic Development Director” is another waste of over $105,000 per year. Every business that opened in the last 5 years would have opened anyways and the City would have an extra $500,000 in the coffers.
That roughly $450,000 would be better off kept in the hands of the people who earned it instead of being forcibly extracted for the LEDC to play with.
The crowing of “sales tax receipts are up” is not one of good news if the majority of that is from higher prices (inflation). I know for a FACT a hell of a lot of people drive from Cove to Lampasas to save 15 cents on gas. Gas is up 50% in the last year. That ALONE probably accounts for a pretty big chunk. It doesn’t show growth – it shows citizens are turning over more money than ever to the government.
Further costs that were ignored in the article:
Over $250,000 in gifts from City council to developers.
$120,000 to Halff Associates for a “comprehensive plan”.
Over $130,000 in CASH handed out to businesses at LEDC discretion with no strings attached.
Another $25,000 or so handed out (no strings attached – at LEDC discretion) for “Life Safety Grants” intended to defray costs CAUSED by City ordinances and regulations.
We also leaned that the number of new businesses is lower than currently being crowed about, if you take an honest accounting and list those that also CLOSED during the same period. Nearly all of them would have opened with or without the LEDC wasting tax dollars.
There is ONE thing the LEDC and the City could have done to create jobs – and that was to accept the offer made by Ajinomoto back in 2016. Instead, they said NO. That tells you everything you need to know right there. They had a chance to not only create jobs for FREE, but to actually get handed $300,000 in the process.
Sound too retarded to be true? It’s not:
They don’t care about jobs. They care about protecting and expanding their little incestuous bureaucratic fiefdom. Simple as that. If they cared about jobs, they would have taken that deal in 2016.