WPCNR THE SUNDAY BAILEY. News Comment by former Mayor of White Plains, Alfred Del Vecchio. June 24, 2007: In order to mitigate some of its cash flow and property tax problems, I would humbly suggest that White Plains reevaluate its economic development policy.
None can deny that, over the last twelve years, economic development has been at an all time high but so have our property taxes together with the additional complete loss of our cash balance. None can deny that we have been forced to sell city property, incur an all time high bonded debt, and terminate and liquidate our Parking Authority to acquire funds to prevent double digit property tax increases and replenish our fund balance. These, and other, assets are now gone with no plans to replace them.
Announcements from our officials that incentives and gifts to developers are an investment for the future and “time will tell” begs for a response and two questions:
After twelve years of promised prosperity, the future is now!
If not now, when?
Would you invest your own money the same way you invested taxpayer’s money?
Done properly economic development is good for a city. It can improve the quality of life for both the developer and the taxpayer if a critical, in depth Financial Impact Statement over the life of a development is made. Focus should be on the total dollar cost to the city for administrative, technical, and planning activities of all city departments involved with the development including a prorated analysis of all infrastructure use and improvements needed for the development to succeed.
Much of the data needed for these calculations are available to any good Budget Director and can provide our officials with the necessary tools for critical decision making. Applied to any city, this is called good financial planning in every ones interest. The cost to the city should be negligible. It was one of the original mandates of the Citizens Budget Committee which was organized in 1972/73
