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City to Act On $6.5M TIF Debt

Hopes consolidation will provide financial safety net for the future

December 10, 2013

Wheeling city officials want to refinance about $6.5 million in outstanding Tax Increment Financing debt, saying it will provide the city a financial safety net for the future....

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wvhoopie2

Dec-10-13 11:42 AM

This sounds like the housing refinance bubble story in creating money from debt, saying it will provide money for retirement. The debt did not get paid and their was a default but in Wheeling case the pensions will be covered by the $392,000 per year and the taxpayer will be stuck paying more in the end for lack of sound financial planning.

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wvhoopie2

Dec-10-13 11:26 AM

Just watch the Detroit Story and you might see what happens in the future. Keep kicking the can down the river and keep paying the pensions while the private citizens loose more income thanks to more government spending and increasing taxes, and fees, and fines and building fields of dreams at the taxpayer expense. Time to cut taxes and the size of government.

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