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Feb 1, 2013
Remaining Merchants Pay For Reilly's World
Pat Browne is confident that 2012 is the only year in which the Arena Authority will have to dip into the base state tax, I'm confident it is not. Browne's excuse for breaking the promise not to use those funds was the delay caused by the lawsuit, filed by the surrounding municipalities not wanting to pay for J.B Reilly's real estate empire. Of course they also were promised that their taxes would be returned. Sy Taub, Authority Chairman, said it stands to reason that during the period of the hole, before revenue starts pouring in from completed construction, that there would be a shortfall. He has more confidence in the pending success of both the Palace of Sport and Reilly's Office World than I do. They used up the taxes of the small merchants this year because the NIZ law allows them to do so. Expect more broken promises and excuses in the coming years. commentary based on Morning Call report by Scott Kraus and Matt Assad