Metro Underestimates Cost of Controversial Tax Incentive. Robbing Schools to pay developers.

Before Madison County falls into the scheme of tax increment financing, they might think about it…..

by Ben Hall, News Channel 5

Metro council members are raising questions about the true cost of a controversial tax incentive program known as tax increment financing (TIF). …Last year the city was forced to withdraw money directly from Metro School’s budget — without warning — to cover the cost of the program. … the city unexpectedly took nearly $1 million dollars out of schools accounts to cover “tif tax breaks.” … Last year, the total cost of the city’s TIF program came in at $28.5 million. (link)

Weston Hotel paid more than $1.9 million in property taxes last year but only about $43,000 went to Metro to pay for city services. 

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