SpringBrook Senior Living Campus- NO TAXES?

 WEDC is proposing Tax Abatement (No Property Taxes) for 15 Years for the SpringBrook Senior Living Campus Investors!!   Do you think Windcrest can afford a $3.3 Million loss in Property Taxes?  Remember, council is floating a Multi Million Dollar Street Repair Bond!  Listen to this video clip from the WEDC Public hearing held on June 4 2018.  The video indicates a total loss of $3326, yet the email below indicates $3.3 Million loss.  The Devil is in the Detail as they say.  A concerned citizens forwarded this WEDC President's email with additional details of the deal:
"Broken down into taxing entities, it is estimated that over 15 years the City of Windcrest’s portion of the abatement will be approximately $3.3 million (average per year over 15 years will be approximately $222 thousand); NEISD's portion will be approximately $14.7 million; other taxing entities will be approximately $8.1 million. 

Mr. Hakala has all of the figures broken down into the amount that is abated each year and the total amount for the 15 years.  He may have time to go over those with you if you have specific questions that I have not answered.  The specific amount abated each year will vary according to the percentage of the project that is completed until the project is 100% complete.  It may also vary if the tax rate changes.The abatement figures will be repeated at the WEDC Meeting on June 14th.  The meeting is streamed if you want to watch.  I have an article already submitted for the July Newsletter that goes over the tax abatement information."

 The news lately has highlighted the dire state of the area school districts which include NEISD.  Can NEISD afford a loss of  $14.7 Million in property Taxes?  Your taxes will increase to cover the loss, that's a given.  If the property remained vacant for 15 years Windcrest would net over $115,000 dollars in property tax.  This deal nets ZERO!


 A Senior Living Campus might be good for Windcrest, but the project should not be awarded a 15 year Tax Abatement.


  The New Hotel on FourWinds pays NO Property Taxes as the Property is deeded to WEDC.  Same with the Rackspace facilities., No Property Taxes.  Rackspace however, produces plenty of sales tax.  The Hotel produces a bed tax paid by guests.  The SpringBrook Campus will produce Nothing!  No Sales Tax, No Bed Tax, Nothing.  Their claim is the additional residents in the facility will spend their money in Windcrest and that will generate additional Sales Tax.  That claim is no doubt part of the Study paid for by SpringBrook Investors.

  This is a super deal for the SpringBrook Investors.  The term "Corporate Welfare" was used at a recent meeting

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