To the editor:

I read with interest the thought process around a major investment by our city officials and developer Martin Moore. My first comment is, we can’t make tax dollar investments with such open risk. I personally don’t invest in high-risk stocks, for example, if I can’t bear the potential loss. Now we have suffered a loss by investing heavily in a parking structure in open hopes that a hotel, etc. would be built by developers. The expected tax income from these projects are not being realized, so we go straight to the taxpayers for relief.

Mr. Moore states, “I know it can be hard for the average citizen to understand.” I clearly understand our city leaders did not do proper business risk analysis and hold the development team accountable. They did require the developers to pay the city $100,000 if certain building starts did not meet timelines. Now Mr. Moore is suggesting the developers may ask the city to negate the payment.

The city needs to get out of the development business that is hinged on tax increment financing, or TIF. We have made a very poor business decision as a city, and the developers are equally responsible. They need to pay the penalty. This is not about a disappointed economy, as stated by Assistant City Manager Dave Corliss, rather poor business management. I now ask our elected officials to step up and assume the responsibility and stop passing the blame as Mr. Corliss attempts. City Commissioner Mike Rundle said it best: “The city could have done more to protect its investment.”

Tom Turner,

Lawrence