NB&T Square Business After Hours & Grand Opening

Thanks for the replies, Mac, Lynn, Nadine. I would be surprised if the money was for property tax rebate or other incentive, as it seems to me those sorts of incentives have been used for new businesses providing new jobs or big jumps in sales tax revenue, like Target. I don’t see how a new bank building for an existing bank could generate enough “kick” to make it worthy of a large incentive. So Mac’s remembrance of interest expense for Shodeen makes the most sense to me, though why is $1.3mill listed as “NB&T”? Wouldn’t $1.3mill be more appropriate for redevelopment interest expense for the entire project, including NB&T? Funny way to list it, if that is the case. Beyond the interest expense idea, there are some TIF qualified expenses for which NB&T alone might qualify, but I can’t think of any worth $130k/yr times ten. Typical TIF issues…more questions than answers. I’ll wait to see if Mac finds out more…

Yes, it is listed as a $130,000 rebate or other tax incentive. Not only that, but I believe the intent was/is to create a separate TIF for the Shodeen property — and with that, I must apologize, as any tax expenditures or other incentives would most probably go to Shodeen, not NB&T, even if an eventual new TIF district were to bear its name.

Thanks for questioning my statements, guys. I shot off my keyboard here without thinking it through. My bad.

As I understood it the original “placemark” identified on page 24 of the document Lynn linked to was meant as reimbursement of interest costs for the developer (Shodeen). I would assume there were clawbacks or protection clauses that would require the developer to begin or reach certain construction phases to receive the interest reimbursement. BUT I DON’T KNOW if that is the case. It should be clarified and I’ll ask.

Lynn, $130k per year for ten years…its shown as negative revenue. Does this mean its a property tax rebate or some such incentive, or does NBT actually receive this amount from the TIF fund every year for some TIF qualified expenditure? Any idea?

I find it ironic that the new seemingly taxpayer supported NB&T building is on the site of the former Microsolutions building, one of the very successful businesses in DeKalb. Why are we giving tax money to those who already have so much?

Maybe someone from NB&T can comment here on why this is a good idea?

Well, I’m no VIP but I think everyone should go and get their supper there since we’ll be forking over more than a million bucks in TIF money to them. In fact, they should feed us at least once per week for as long as the handouts last (10 years). I could use a new toaster, too.

http://www.cityofdekalb.com/CityCouncil/Agendas/2011%20Agendas/050211%20-%20050411%20Budget%20Workshops.pdf (PDF p. 24)