Not Again

You might think with the economy in the shape it's in and local governments struggling for every penny, developers wouldn't even think of asking for big tax breaks. Apparently, that's not the case. According to the notice above somebody wants the city to pay for their bad decisions with our tax dollars.

TIF, Tax Increment Financing. We were first introduced to the term back when Dr. Bob Overholt tried every way possible to get the county and Lenoir City to help him build "his vision" of what Lenoir City should be. He just wanted twenty million. According to him that would just be pennies on the dollar for the investment return the city would see after he built his magic kingdom along the banks of Town Creek on Hwy. 321. The county turned him down flat and the city eventually came around and pulled out of the deal. Let's see. Where's Dr. Bob today? Sold his property, made millions and away he went.

While the notice doesn't say who is asking for a tax payer bail out this time, I suspect it won't be far from all the dirt work along 321 but I could be wrong.

Hopefully, city officials will not fall for another one of the snake oil deals.