The Local Government Commission gulped down the snake oil offered by the North Carolina Research Campus, voting unanimously to approve $168 million in tax increment financing debt for the speculative biotech/real estate project.
So much for there being any sort of backstop on TIF projects in North Carolina. The extremely low bar is now set and you can bet millions in TIF debt for projects of similar size and scope will soon pop up across the region.
Next stop, property tax hikes when the plans fail to meet their rosy projections.
