Wednesday, December 20, 2006

Let's get this straight: Plan B uses public money!

"Plan B" is on. Well, they don't want us to use the handle, "plan b" any longer. Rather, it is to be called a "finance plan."

Well, "Plan B" uses public money because this deal leverages the windfall from the low-ball price of the slots license. The real worth of the slots license wasn't $50-million. It was much greater. The higher sums of money that didn't come can't be used for tax relief. Rather, the money that didn't come is part of the promise for a new hockey arena.

The money didn't come from taxes. But, the money comes from the broken promise of tax relief.

It isn't a lie when only half the truth is told. But, this is a half-truth. The promise was to allow for gambling so we'd have property tax relief. Gambling came and the property tax relief is much less because the funding of the new arena.

Furthermore, Plan B is going to cost the public treasury with ongoing operations. If they build the new arena with the windfall of the low-ball price on the slots license application, fine. But, after it is built, keep it. The public should not be with the ongoing burden of ownership.

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