Comments on: Salem OKs speedy loan for condo project /news/2010/08/09/salem-oks-speedy-loan-for-condo-project/ Building and Construction News in Portland, Oregon and the Pacific Northwest Tue, 10 Aug 2010 21:35:19 +0000 hourly 1 https://wordpress.org/?v=6.6.6 By: Nick Bjork /news/2010/08/09/salem-oks-speedy-loan-for-condo-project/#comment-35643 Tue, 10 Aug 2010 21:35:19 +0000 /?p=57694#comment-35643 Howard,

I get how UR and TIF can be percieved as a ponzi scheme, even though if it’s done correctly it’s a ponzi scheme that can really help a community out. Just because the term Ponzi scheme made headlines in a negative way over the past few years doesn’t mean that everything that takes an approach that has similarities to it, is a bad thing.

You should check out my article that will come out tomorrow that looks at UR from the side of other taxing districts.

Jayson,

Bojack isn’t all that bad. I’ve gained insight from the blog, and always enjoy checking it out to get a unique stance on things. That site is what I love about the internet. You get a narrow opinion, but if you explore a topic in its entirety, you get every narrow opinion and will eventually have a better understanding.

Old Town,

Along with you, I would question the strength of high-end condos in Salem. But the city council didn’t really put the city in this position. On the most basic level, if you own land and it’s zoned right, you can do what you want with it, even if the idea isn’t a good one. While the city has a vested interest in the success of a major project, if the money isn’t lent and project fails it’s not anything the city should be blamed for. Now if they do go through with the loan and the project fails then there is some reason to blame them.

Thanks for reading!

]]> By: Old Town /news/2010/08/09/salem-oks-speedy-loan-for-condo-project/#comment-35614 Tue, 10 Aug 2010 20:40:02 +0000 /?p=57694#comment-35614 While I know nothing about the condo market in Salem – it seems that the condo market elsewhere is faltering – so why will it work in Salem? However, this is another case where a private developer got in over his head and now needs a bailout. And the developer’s financial credibility is suspect too. But, the city seems to have found itself in the position of having to make the loan or lose the whole project. Only the cities lose in these circumstances.

A Perspective

]]> By: Old Town /news/2010/08/09/salem-oks-speedy-loan-for-condo-project/#comment-35586 Tue, 10 Aug 2010 18:28:56 +0000 /?p=57694#comment-35586 It is unclear why it seems necessary to denigrate someone’s post without some thought given to the merits of the post. Howard has provided a decent link to a graph that depicts tax increment financing. The same graph can be found at Wiki. And a similar one is found on PDC’s website. Tax increment financing is basic to funding urban renewal and the graph is an excellent representation of the concept.

WIKI:

PDC:

A Perspective

]]> By: Jayson L /news/2010/08/09/salem-oks-speedy-loan-for-condo-project/#comment-35574 Tue, 10 Aug 2010 16:28:22 +0000 /?p=57694#comment-35574 Get real Howard. bojack.org is a worthless site with virtually no credible info. I was wondering who on earth actually reads his worthless rants, but I guess you’re one of them.

]]> By: Howard /news/2010/08/09/salem-oks-speedy-loan-for-condo-project/#comment-35513 Tue, 10 Aug 2010 01:55:01 +0000 /?p=57694#comment-35513 Urban Renewal-Tax Increment Financing, is a ponzi scheme that diverts millions of basic services dollars to pay debt created by politicians playing developer with publc money.

Here is how it works.

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