The MFTE appears to have worked for getting residential units built downtown. That was the original goal for the program many years ago, the concept being that people living downtown support the business (that’s what a downtown is) and makes the area safer. It was explained to me whan I first inquired about the program that the tax was simply forfeited on the residential portion of a project for the initial time period. I though that was appropriate, the logic being that if the program is working, then that is tax revenue the city wouldn’t have otherwise received; the projects wouldn’t be built. Seemed reasonable. Come to find out that’s not the case, that the tax is “shifted” to the other taxpayers in the city. I think this is bad policy, inappropriate, a complicated, deceptive, and indirect subsidy, and absolutely should be changed if the program is kept.
Please explain the inappropriate content below.
