Let’m Build the Landing
If this is a viable project, and the developers seem to think it worth a $390 million investment, then there is neither reason nor need to fleece the public to support these already wealthy folks.
That is not what the Renton city government thinks:
Harvest Partners expects its regional shopping center will create about 2,500 jobs and generate $1.5 million to $3 million a year in taxes for the city.
The city will use those tax revenues to pay off $15.1 million in bonds (plus interest) the city sold last week to help pay for about $19.5 million to construct roads and other infrastructure for The Landing and other development in north Renton.
Sorry, the developers should pay the full cost of these roads and other infrastructure. If it is a viable project they will more than recoup these expenses and will recoup them from the right source: those who choose to shop or use other services there.
These tax revenues should be used to defray or hold back the growth of the taxes paid by the fine citizens of Renton who as it stands will pay some $20 million more in taxes during the repayment period than they otherwise would have.
Oh yea, those 2,500 jobs and the generated taxes will, for the most part, come out of already existing jobs and tax revenues. And not all from the South Center mall. Many jobs and many tax dollars will be transferred from existing business in Renton. Many of these will close.
Once more, let’s ask why the City of Renton is stealing from its citizens to support already wealthy developers?