Executive Tony Berns of LCDC responds to comments made by Councilman Dan Gookin earlier this month:
At the City’s June 6, 2013, strategic planning session, Councilman Gookin shared that a key strategy of his to address the City’s budgeting challenges would be to terminate the LCDC, thus resulting in more revenue to the City (link to his comments: http://youtu.be/h-oOmNDmq0). As you know Wendy, LCDC has two redevelopment districts; the Lake District which sunsets in 2021, and the River District which sunsets in 2027. Councilman Gookin shared that via his analysis, it would take about 3 years to “unwind the debt” of the LCDC, which he shared would then result in an additional $3 million/year of revenue for the City. There will not be $3 million in revenue per year to the City of CDA in three years by terminating the LCDC in 2014. The City will not experience a windfall of new revenue if the LCDC is terminated. Here is why: More here.
Question: Would it be foolish/wise to terminate LCDC in 2014?