D&C Editorial: COMIDA needs oversight
Note: I know this is a couple weeks old, but it’s timely given the meeting at the County Lej tonight. More shortly.
Ok, finally, the D&C weighs in, citing recent studies:
According to separate audits and analyses by Metro Justice and state Comptroller Alan Hevesi, IDAs, including the County of Monroe Industrial Development Agency, aren’t watching the store closely enough. Statewide, only about one-third of the businesses given tax relief met their job-creation goals. It’s important that IDAs with greater regularity rescind the tax deals of businesses that skip out on their obligations.
briefly gets off track and muddies the water with a little “he said, she said” journalism:
In recent years, COMIDA has more strenuously insisted that companies meet their job-growth pledges. But even with that, according to Metro Justice, COMIDA, and the community, isn’t getting the job return on its investments.
but, fortunately, concludes that COMIDA should not be operating in a vacuum:
COMIDA and other IDAs must do more to close the gap between tax relief granted and jobs promised. And they should open their governing bodies to the wider, property-tax-paying community.
Well, duh. It doesn’t take someone with an accounting degree to do the math. If there’s no return (or negative return) on investement, why are we investing our tax dollars in corporate giveaways? Trickle-down? Um, sure, because that’s been working really well upstate.
Related posts:
Not only is there no return, but in some cases, the program is actually in deficit. On a similar note, New York State’s aptly-named Empire Zones have by at least one accounting cost NY taxpayers $460,000 dollars for every $40,0000 a year job that’s been created. How’s that for a bargain?
On an unrelated note, you’re using WordPress? For some reason, my coComments aren’t working on your site, wonder why?
Once again, it’s great to see another Progressive blog in Rochester.