From today's Cedar Rapids Gazette --
http://www.crgazette.com/ -- unfortunately, you need to have a paid subscription to read it all.
"Casino property tax bonanza going bust?"
Months before the first dice are rolled, the first coin swallowed by a slot machine at the Washington County Casino and Resort, some property owners think they're being dealt a losing hand. It appears the property tax bonanza expected from the $50 million development under way east of Riverside won't materialize for at least 10 years and, perhaps, never.
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‘‘Everyone voted for jobs and tax relief,’’ Washington, Iowa, banker Dale Torpey, a casino opponent, said, referring to the county’s gambling referendum in September 2004. It was approved 4,095 to 3,743. ‘‘The jury’s out on the jobs, and we’ve seen what happened to the tax relief.’’
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County Auditor Bill Fredrick thinks there are a lot of misconceptions about the TIF. ‘‘I’m not saying this is a utopian plan, but I don’t think the impact will be as big as people think,’’ he said.
Some people question whether the TIF is necessary, Fredrick said. ‘‘I think what people are mad about is that normally when you do a TIF you do it to encourage growth that wouldn’t otherwise occur,’’ Fredrick said. ‘‘But the casino is coming no matter what.’’
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