We came out against it, but I guess I can’t expect the governor to veto everything. This means that a bill to allow “counties to establish redevelopment, or tax increment financing, districts in unincorporated places and issue and administer bonds for revitalization projects” has become law.
Related: The Return of The Bride of the Balsams Boondoggle
Actually, I can expect the Governor to veto everything. But I admit it is not realistic. I also accept that there has been a lot of pressure from other corners to allow this to happen.
It allows county commissioners to authorize bonds that would be bought by a private buyer and repaid through assessment revenues generated by the redevelopment district. A financing plan must be established by the bond recipient and approved by the county commission.
We all know and accept that the driving force behind this is North Country legislators (in both parties) hoping to give Les Otten and the Balsams Boondogglers a leg up. And that should scare you, especially if you live there. As I noted here,
The “hey buddy can you spare 28 million” had swelled to make that 40 million. And lacking any real interest outside the political process Otten and his legislative band of thieves have come back with HB540. Another bite at a rotten apple. It’s an amended version of SB30. And there’s some fancy dancing that goes with it. But all you need to know is this.
In a booming economy, Otten still can’t find private venture capital to make his “vision” for theBalsams Boondoggle into a reality. He needs the State to help him “move forward.”
Whenever politicians wave their magic wands, taxpayers always end up on the hook no matter what the language in the legislation claims.
I would love to be wrong. I have no objection to a thriving resort community rising out of a massive rehab. But having watched this unfold (to borrow from Obama) since day one, I’m not optimistic. The players and the game suggest this will not end well. And now, despite the legislative language, North Country taxpayers will be on the hook.
And as many of you southern New Hampshire folks know, when the North Country finds itself short of something (cash, jobs, etc.) they ask the legislature to pick your pockets to bail them out.
I’m just trying to save us all tens of millions in predictable misery by keeping “the people” out of what should be Free Market business. And so far, the Free Market doesn’t see it either.
