March 29, 2004
Norfolk says TIFs will pay
Norfolk Mayor Paul D. Fraim says that tax increment financing would pay for two-thirds of the cost of a stadium to lure the Montreal Expos south, with $225 million of the $343 million total cost coming from stadium-related sales and income taxes. The state of Minnesota only expects to raise half that amount in TIFs for a Twins ballpark, but of course Minnesota is already getting stadium taxes from the Metrodome, so Fraim's calculations might not be far off - except, of course, for the usual problems with sales-tax TIFs.
COMMENTS
