The developer needs to prove that they need the tax exemption for the loan - if they are stating that the success of this project has either an implied or conditional requirement from the bank. It would be unfortunate if there is pressure sales tactics being played on the city for a median income, not low income, housing tax break that redistributes taxes to other homeowners. By the way, the total dollar amount of the actual property tax shift cannot be clearly stated, if stated anywhere in city documents, because the County Assessor cannot assess a value and put it on the tax roll until construction is completed. It is called new construction. The “unknown dollar amount” of the “property tax exemption” should be a concern of everyone, it really should. Questions: 1) Does the bank have the answer? 2) What bank? 3) The County Assessor can't compute the data for the tax roll because the actual receipts aren't even generated. The construction loan has to be based on “estimates,” right? 4) What is the estimated tax amount (shift) and estimated loan? 5) Wait a minute, the loan was already approved by the bank before the exemption (see quote)? And, 6) Exemptions should be for the needy, such as senior citizens and the disabled instead of developers, right? The bank is not dumb, and neither are our great taxpayers that attempt to armchair analyze tax exemptions…
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