Sunday, October 18, 2009

Galveston Tax Zone Revenues less than expected

What a surprise!! Politicians and their grand good intentions....Hey Convention Center cheerleaders and Mayor Dean, are you listening?

That was 2003. Six years later, Tax Increment Reinvestment Zone No. 14 is falling short of financial projections. It’s generating a little more than half the revenue proponents projected when they sought the zone.

Instead of paying for unquestionably public projects, the bulk of revenue generated by the “Airport TIRZ” is devoted to management and operational expenses and to retiring debt on improvements made mostly in one upscale development.