THE GUARDIAN learned today Caldwell Urban Renewal board will be meeting to issue $8.5 million in revenue bonds to fund TVCC. (These bonds will not require a vote of taxpayers.)
TVCC Caldwell developer, Norfleet Development Company, may be having difficulty finding financing in today's credit market. Caldwell East Urban Renewal District will likely issue revenue bonds for the project.
Caldwell Urban Renewal is funded by $6 million dollars of property taxes (tax increment dollars) diverted to urban renewal. It represents one third of all property taxes collected each year in Caldwell. Your property tax bills went out this week from the County Treasurer.
Wednesday afternoon a message was sent to Caldwell City Finance Director, Eljay Waite for comment. We have not received a reply, probably due to the timing of the request late today and the Thanksgiving Holidays.
Nampa Urban Renewal court decision last week has opened the flood gates for revenue bonding all over the State of Idaho. Voters will be prevented from any approvals of the revenue bonding in their communities.
A meeting was held today to discuss funding an appeal of the Nampa Urban Renewal court decsion handed down late last week. Appeal organizers are getting their financial ducks in a row. A meeting with the attorney spearheading a Rexburg, Idaho urban renewal appeal is scheduled for next week.
If you are feeling abused by high property taxes and urban renewal laws in Idaho contact me at 208-459-9482 your help to end this abuse of taxpayer's will be welcomed by appeal organizers.
City Finance Director Eljay Waite sent a comment and the project will move forward with the move to issue revenue bonds at the Caldwell Urban Renewal Board meeting. Meeting will be held noon Tuesday 12-2-2008 at the Caldwell police station meeting room.
Citizens need to call on our state legislature to repeal urban renewal. The passage of this legislation has led to numerous and continuous taxpayer abuses. The most renown case is the Idaho Center. Taxpayers were told it would not cost them and their property taxes wouldn't be used for the project. Now several years later everyone knows that was not the truth. Nampa taxpayers have paid millions of their property taxes to keep the Idaho Center in operation.
ReplyDeleteThis is the exact long term debt our founders tried to prevent in article ( 8 ) of the Idaho state constitution. The public doesn't understand that urban renewal increased their property taxes and took away their right to vote on long term debt as outlined in our constitution. It is time taxpayers rise up and demand an end to urban renewal and the governmental abuse of our state constitution.
Article in the Statesman this past week indicates Caldwell U.R. is going to meet to "discuss" issuing $8.5 million in bonds for TVCC. $200,000 is to pay the cost of underwriting and $800,000 for a contingency fund for "reserves". If voters don't get to vote on these bonds then who is liable if Urban Renewal defaults? I am thinking credit default swaps may not fly anymore..
ReplyDeleteIn the Sunday paper almost a third of Caldwell development projects are in bankruptcy or foreclosure. Mayor Nancolas has a smile on his face and a song in his heart as he happily is skipping forward spending borrowed money. Governor Otter has figured out budget cuts have to be made. Nampa and Caldwell must be immune to a downturn in the economy.
Could not help but notice the Caldwell Mayor in the paper smiling while the economy is crumbling around him. What are they thinking with duplicating a tax we are all paying for CWI with his TVCC scheme?
ReplyDeleteIf the people of Caldwell let him get away with this, they deserve all the taxes they get to pay.
You guys make me laugh. Paul, get your facts straight. You "learned" that "Caldwell Urban Renewal board will be meeting to issue $8.5 million in revenue bonds to fund TVCC." Read the newspaper, did you? Thats a great source of information !
ReplyDeleteAlso, its amazing that you are so concerned with TVCC, yet have nothing to say about the College of Western Idaho coming in. It might be a surprise to you, but that college is actually directly funded by our money( taxpayers's, that it), and their budget for almost twice smaller building is almost twice more than TVCC budget. They need $16 mil. but only have $6 mil now and are running a $10 mil. deficite. Wander where that money is going to come from? Hmm, I say your pocket as well as mine. But of course you wouldnt comment on this since its not widely published in the papers.
Wake up, when the goverment really screws you, they do it quietly.
I have noticed that Mayor Nancolas does have a smile on his face, but for a good reason. It makes no sense for a representative of The City of Caldwell to have a negative posture about them, especially since they are public figures. No one wants or needs to see our leaders not being optimistic.
ReplyDelete