Comment 14094

By jason (registered) | Posted November 16, 2007 at 07:33:44

I don't consider the city's investment to be a false market. It's proper investment. Something this city has loathed doing in the downtown for years. Hamiltonians always like to call downtown projects a 'government handout' or such. How about the hundreds of millions taxpayers spend on roads, highways and never-ending maintainance of them?? is it an investment or a government handout so McDonalds has more farmland to put drive-thrus on? The city's development coorporation will make money on these projects...that's how they keep going. The downtown loan program is the best program this city has ever started. X building receives a LOAN (I don't see McDonalds or the homebuilders ever paying back Red Hill Parkway money) and once it is built the developer has 10 years to repay their loan. In the meantime, an empty lot paying X number of dollars in taxes each year sees that tax rate jump 3 or 4 times due to the new, full, functioning building. The city is making money on these loans, not losing it (such as with costly suburban infrastructure). You're right - I hope LRT comes downtown too. In the meantime, the city is finally getting the picture - all great cities invest heavily in their most important neighbourhoods. Go research New York, Paris, Boston or Vancouver. City officials there aren't just sitting back doing nothing watching the 'private sector' jazz up their downtowns. The city will either lead the way or lag behind. I prefer a council that leads and spends my money wisely. Downtown projects are exactly that.

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