The city of Portland has to take money from everyone who pays incomes taxes every time it takes public money from Urban Renewal and shells it out to private investors. This effects everyone no matter where you live in the state. The article below explains how this is working for one UR project in the city.
The state has to back-fill the Portland school districts that sacrifices money to the Urban Renewal area. The states equalization program is used to siphon state income taxes and funnel that money into the city's economic development fund using the back-fill process. Since Portland is the largest city with the highest population, the amount of money is much more than what the other cities and counties can receive in government compensation, which gives the more densely populated areas an economic advantage over the less populated areas using a program that was suppose to make all the schools in the state financially equal.
Another problem is that it pits urbanized cities against the rural counties, which turns the Urban Renewal program into a Rural Destruction program, becasue all the taxpayers of the entire state has to make up for the money the state government gave to the Portland school district. The city officials also have the power to determine who will and who will not get this money, thus controlling who does business in the city. The term for all of this is economic fascism and this is happening all over the United States....Rob T.
Initial project costs are $212 million. The budget consists of more than $130 million in private financing, $18 million in direct public investment and the issuance of $60 million in revenue bonds that will be repaid by lodging tax revenues generated by the new hotel’s visitors.
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