The backstop — the watchdog — for tax increment financing deals in North Carolina, the Local Government Commission, knew that a Roanoke Rapids theater deal would pay Randy Parton $1.5. million a year, but approved the deal anyway. The deal borrowed $21.5 in TIF money, to be paid back by future local property tax revenue.
State Treasurer Richard Moore chairs the commission and had no problem with taxing local residents in order to pay millions in “artists fees.”
And remember, it’ll be the LGC that will “review” CATS’ financing plans for the $300 million North line commuter rail.
God help us all.
