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Thursday, September 24, 2015

How Does State Budget Impasse Impact Allentown's NIZ?

What impact does the state budget impasse have on Allentown's NIZ? A reader asked this question yesterday. As near as I can determine, the answer is none. So while a local daycare in Easton and other nonprofits are being denied state funds, the NIZ is doing fine. Since its inception, the state subsidy to NIZ developer City Center Investment Corp. is $54.4 million.

In 2014, the state collected $55.5 million from businesses inside the NIZ. Another $2.3 million in local taxes were collected. This sum was then distributed to ANIZDA (NIZ Board), where Sy Traub. The ANIZDA web page contains no financials except for those interested in buying bonds. But persons knowledgeable about the NIZ inform me that the state and local tax subsidies are distributed once a year, around June. This would have taken place before the state budget impasse.
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5 comments:

  1. AnonymousSeptember 24, 2015 at 7:48 AM

    How much support would there be in Harrisburg to repeal the NIZ legislation?

    After all, it's money not going into anyone's pocket except Browne and his Wife.

    ReplyDelete
  2. AnonymousSeptember 24, 2015 at 8:10 AM

    The show must go on.
    It's for the good of the poor and downtrodden.

    ReplyDelete
  3. AnonymousSeptember 24, 2015 at 8:50 AM

    The Mayor has not even been indicted, much less convicted.

    ReplyDelete
  4. AnonymousSeptember 24, 2015 at 9:16 AM

    @8:50am Neither has Hillary Clinton

    ReplyDelete
  5. Charlie ScSeptember 24, 2015 at 2:05 PM

    The NIZ funds for the next couple decades have been pledged to pay off an initial set of building construction and parking deck bonds. I don't believe you could convince the legislature to suddenly shut off the tap and refuse to allow payment of those payments, causing a massive default.

    ReplyDelete

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