Thursday, February 26, 2015

How Greensboro Defines Economic Development

A friend asked me to ask the City of Greensboro the following:

"Can you define economic development?" -or "What is your definition of economic development?" That is to say, the answer to the question is not one to be challenged, rather, the answer might provide volumes of information on their intentions based on how they define the concept."

My reply:

"Indeed, after sitting through numerous city meetings while they might not admit it publicly, their definition of economic development is what generates the most taxes and being that property tax is the only real means of taxation now left to the city the real answer is all too apparent. Even the East Market Street Development Corporation who is tasked with the economic development of the East Market Street Corridor never once mentioned economic development in their presentation on Tuesday but they did make mention of increasing property tax revenues hence their expressed desire to be given $100,000 to develop a property they don't own and the owner, United House of Prayer for All, has adamantly stated again and again they have no intention of selling."

The truth is: real economic development is putting money in the pockets of the working class by providing them with good paying jobs. If you do that the tax revenue will follow and the cart will no longer be in front of the horse.

Anything else is an economic cost Greensboro must bear in the long run.