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Politics : PRESIDENT GEORGE W. BUSH
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To: Tom Clarke who wrote (366821)3/5/2003 9:28:35 PM
From: DMaA  Read Replies (1) of 769667
 
The money he's talking about was for infrastructure costs ( roads, utilities, etc.) and paid for with the proceeds from tax increment bonds. That is, the real estate taxes paid by the mall for a period of years will go exclusively to paying back the bonds. The use of this kind of financing for development is a huge complicated subject but suffice it to say that it is NOT the same as a subsidy.

A local talk show host talked about this case a lot at the time - 4/5 years ago. Norby was way off base as proven by the fact that the upper court overruled him.
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