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Convention Center WILL Cost Taxpayers!

Informed, please inform me exactly how this "no cost to taxpayer" will play out. First, the city had to borrow 49 million dollars at a rate that was higher than what the state pays when they borrow for projects. Who is paying on that loan? Second, when convention centers lose money, as they all do, then the taxpayer must step in to cover the shortfall. It's happening everywhere across the country, including Raleigh and Myrtle Beach. Third, by not selling the lot to a private enterprise, the city coffers immediately lost maybe 10 million dollars in easy profit. The city bought the property at a great price before the real estate boom. Finally, by building this project with public funds, that property will be OFF the property tax books...I guess about two million dollars a YEAR in lost property tax revenue. Please inform me how all this is not correct, and does impact the taxpayer. I hope your only answer is not "room tax revenue."


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