An overly short and factually lacking history of the LEDC was given by EDC Director Mandy Walsh on Monday night, when she made her report before council [see video at 30:00 mark]
Of course, the REAL history has already been covered extensively by me starting HERE.
Anyways, here is the short version of their history:
They implemented a 1/4% sales tax in 1998 (24 years ago). This was “designed to bring higher-paying, primary jobs.”. They spent a ton of money. No jobs were created.
The end.
Let’s see how that all worked out for them, shall we?
COSTS
Money skimmed off as sales tax since inception:approximately $5,000,000.00
Money wasted on Business Pork Project (started in 2002): well over $7,100,000 and countinghas been spent or is committed on paying off all the debt. They borrowed $1.5 million earlier this year and ALSO pilfered $971,000 in Recovery Act funds from the City. Money that could have been spent of the citizens, rather than in Misti’s Sandbox over on 183 South.
Wow. A LOT of costs over the last 24 years. Surely we got some benefits?
BENEFITS
“High-paying, primary jobs created”:Zero
Businesses moved into ‘Business’ Park:Zero
I’m no super smart Director with a lot of letters after my name, but I think “zero” might not be that great?
Oh, forgot one more from the “cost” list:
Salary and benefits for Economic Director for the last 6 or 8 years to re-post Facebook posts from The Rolling Pin and Merk & Tilly’s:approximately $500,000