Business Subsidy to Gateway:
$7.5 million, including
renting second story in Gateway II with no intention of occupancy
So that they could qualify for a bank loan-legal? ethical??
Most rentals are businesses that moved from elsewhere or
the owner’s business
Stimulation to economy? 0
Another popular “redevelopment use” for tax increment is business subsidies to favored developers. The best current example is the Gateway project at 3rd and H. Gaylord will likely exceed this subsidy by millions if they end up on our bayfront.