This is in response to the opinion letter published July 8 containing false allegations leveled against us by the author of that particular opinion. The language of the letter reveals that he seems to be the same person who spoke in opposition against our group in the TIF Commission hearing.
I humbly submit the following for those who want to know the truth:
First of all the city is not giving away money on this project. What the author of this opinion and others that have been speaking with the same voice are ignoring is that this is a pay-as-you-go TIF. In other words, there is no money that comes from the city, it comes from the developer.
The only thing the developer is getting from the city upon approval of the TIF is a promise. A promise to the developer to let it reimburse itself, if the project generates enough money.
All of the money, every single penny, is injected by the developer on the purposed project . If, and only if, the project generates enough revenues to actually pay all costs including the increase in property taxes, will the developer be allowed to be reimbursed for expenses that qualify from funds it deposits into the Special Allocation Fund.
So, only if money is actually made will costs be reimbursed, and only those costs that are approved under statue for reimbursement that too after they are submitted and approved by the city.
Another fallacy that is being propagated by this author is that "the hotels that are located in Apache Flats are being dangled as a carrot as done before." There has never been any time within which the properties were ever offered in return from anything from the city. Moreover, there has never been a so called verbal or written agreement between our group and the city wherein we offered those properties in the form of an annexation for something in return. This was clearly confirmed by the city attorney, Drew Hilpert at the TIF Commission hearing.
The decision to annex these two properties was taken mutually with the city during the second phase of negotiations after the initial opposition so the Jefferson City Public School District could have an immediate benefit from this project. Part of the money from the annexation would be used to divert monies to the school district and CVB. The benefit to the school district went from $1.8 million to $6.8 million. If the annexation benefit to the city and CVB is accounted for, the amount of the TIF to our group is negligible.
Lastly, it is of note that the author and the others that join in chorus to these false statements had the exact same opportunity to purchase the Truman property.
These individuals also had the exact same opportunity to apply for and spend tens of thousands of dollars to seek a tax increment financing district. None of them took the risk. None of them swung at the pitch, yet here they are criticizing another for doing what they lacked the fortitude to do.
In essence, they are telling the people of Jefferson City that if they are not the ones doing the development then no one else should do it. How long will the citizens of Jefferson let these individuals prevent our city from growing? It is time to look to the future. The future can be diverse and magnificent, or it can be a repeat of the last 20 years; a reduction in our overall population and retraction in our economy.
Harry S. Truman wrote, "the only thing we do not know about the future is the history we have not read." The writing is on the wall, we can repeat the known mistakes of the past, and be lead astray by those who see their influence being challenged, or we can embrace the new and the unknown and seize the opportunity for a chance at something better.
Do we want the status quo or do we want change and growth?
Vivek Puri, JD, CHA, is vice president and general counsel of Puri Group of Enterprises, Inc.