Saturday, July 18, 2015

Another outbreak of common sense seen.

Following up on last's week's decision by the Apalachicola city commission, this week the P&Z board denies OK to Denton Cove apartment development.

A development backed by $8 million in transferable Federal tax credits, as seen on page 2 of the linked article.  Now we see where the money is being made on the deal.  Not on real economic production, but on brokering a transfer of funds.  When will this flood of "free" Federal money end?  You do know that we're going to have to pay for it eventually, right?

At least we won't be paying twice-over for this train wreck of a developer's get rich quick scheme.

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