Approving funding for the Wachovia Arts Tower complex? A secret CATS bailout? A little of both?
When we last left the Taxpayer Sodomization Act of 2006, the car rental tax hike needed the approval of the county commission. Chairman Parks Helms will ram that through tonite.
The proceeds from the hike would then flow to the city of Charlotte, which by law, must spend that money on the transit system. Then, the city would take money from the General Fund that used to go toward transit — yes, the annual $50 million in half-cent sales tax money does not pay for all of CATS — and use it to pay for the $160 million in dandy, new arts complexes Uptown.
The key difference when all is said and done is that CATS will have a second dedicated revenue source in addition the half-cent sales tax at its disposal. CATS could then, in theory, use the combined revenue stream to float bonds to build yet more $500 million trains. Helms, speaking as chairman of the Metropolitan Transit Commission, told the Charlotte Business Journal last week that CATS needs to keep building trains no matter how far over budget the South Blvd. line might go. This is how CATS will pay for it.
Also, do not forget that the city of Charlotte raised property taxes a couple months ago because — as the story went — the General Fund was just too small to pay for all the police officers Charlotte needs. This is another lie and cover story, otherwise the General Fund would not now be expected to assume a new responsibility to pay for Wachovia Arts Tower.
Let’s see if Mr. Helms has anything to say about true purpose of his little charade. Yes, the bankers’ wives get new spots to show off their Botox injections, but CATS’ train dreams also live on.
It is an Uptown two-fer.
