I was advised a long time ago never to get into an argument with a guy that buys ink by the barrel. In spite of that advice I must take issue with your column in the December 2006 publication. Comparing the NASCAR project to the SEED project with regard to public funding is like comparing a Dodge Viper to a Ford Focus. It is not apples and oranges.
- The international Speedway Corporation is a private corporation that is driven by the profit motive. The Port of Bremerton is a public special purpose district owned by the tax payers of the district and responsible for promoting economic development.
- Federal and State government have a long history in funding grants to local government for economic development. The return for that investment is increased tax dollars caused primarily through new jobs.
- Businesses occupying the SEED project generally will pay market rate rents for their space.
- Personal property taxes will be paid by the business located in the SEED project instead of property taxes. ISC’s proposal does not include any property or personal property taxes.
The bottom line is, the SEED project is an economic development initiative sponsored by the Port of Bremerton, a public agency. The ISC/NASCAR project is a private sector initiative with a profit motive.
Bill Mahan, Commissioner
Port of Bremerton |
