"Throughout the process of evaluating the Public Investment in GE Electric Works, I have advocated for an open and transparent discussion, a strong business case presented to the Public, and a deal crafted that works for the Taxpayer. I have identified two deal points that could be addressed. I have remained open to supporting such a deal and have offered my conditional support in private discussions with the Administration, the CIB, and the Developer.
"However, tomorrow the Administration will ask Council to support a Public funding package that substantially depletes the Legacy Fund and offers virtually no rate of return for the Public’s investment. These two issues could be addressed by a Legacy loan, rather than a grant, and a tax phase-in, rather than the 100%, 10-year tax deduction less PILOT (payment in lieu of taxes) being requested.
"If the Administration would like my support for the Project, these two issues (Legacy grant and super-abatement) must be addressed. Otherwise, I intend to vote against the funding package tomorrow."
For more on this story, read Tuesday's print edition of The Journal Gazette or return to www.journalgazette.net after 1 a.m. Tuesday.