COMIDA Public Hearing

Project: Urban Focus, LP

COMIDA is holding a public hearing on Monday the 12th, at 9:00am when so much of the public is available to attend, at the Ebenezer Watts Conference Center on South Fitzhugh St. As we understand it, the County would lease the property to the developer but the release regarding the hearing contains the following paragraph:

The Agency proposes to finance the Facility by using its tax-exempt revenue bonds in an aggregate principal amount of up to $12,000,000 to pay a portion of the cost of purchasing and renovating the Facility (the "Bonds"). It is intended that interest on the Bonds will not be include as gross income for Federal income tax purposes pursuant to Section 103 of the Internal Revenue Code. The Bonds will be special obligations of the Agency payable solely from certain amounts payable under an agreement with the Company and certain other assets of the Issuer pledged to the repayment of the Bonds. THE BONDS SHALL NOT BE A DEBT OF THE STATE OF NEW YORK OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING MONROE COUNTY, AND NEITHER THE STATE OF NEW YORK NOR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING MONROE COUNTY, SHALL BE LIABLE THEREON.

If Monroe County assumes no debt through the issue of the bonds then the County Leg is nothing more than a pass through entity for the purpose of giving the purchasing entity tax breaks. Is this really the best use of this governing body and these incentives?

The release makes no mention of job creation, it is a simple private entity to private entity transfer with the interjection of the County. Would this transfer not otherwise occur without the COMIDA incentives? Doubtful.

Detailed financial information regarding the project is available at the public hearing, unfortunately a 9-5 job will prevent me from attending. Thus far WBP requests for copies of this info have gone unanswered. If there is anyone who can update, or who can translate the paragraph cited above, feel free to leave your comments.

Ultimately, what type of project is benefiting from COMIDA this time? Drum roll please . . . low income housing. That's right, low income housing - a development sector which already benefits from tax breaks and investment incentives at the town, state and national level.