Dear Friend,
On May 18th the Trinity River Vision Authority PR babe gave a TRV dog and pony show to the computer group and those interested in computers at the TCC River Campus. Telling us how those darn floods have to be kept out of downtown and what the development could bring for the taxpayer contribution of $908,000,000.00, I wanted to write a check for the whole thing.
When Ms. Laura Mayberry had finished the presentation I asked when they were going to admit that the project creates flooding more than it protects from it and when will we know the real cost? She suggested I come to their office and speak with JD. That’s JD Granger, son of Congresswoman Kay Granger, and formerly of the Tarrant County DA’s office.
Well coincidentally not but two days later an email hits Cong. District 12, from the Honorable Kay Granger and addressed to her “Dear Friend.” The Hon. Ms. Granger wanted to dispel any false notions about funding her urban waterfront project.
“The TRV Project has increased my water bill.” Citing the “Storm Water Fee” added to the water bill, she said “Not a single cent of that fee goes to the TRV project.” That is indeed true. But in the shell game of public finance the storm water fee pays for what should have been financed from the general fund and frees up bond money to finance such things as bridges for TRV.
“How much money does the City of Fort Worth pay for the TRV Project?” “Fort Worth committed $26.6 to the Trinity River Vision Project. This amount has not changed since the start of this project – and is not expected to increase.” “The remaining amount committed by the City of Fort Worth has been budgeted within the city’s revenue fund, and does not compete with any street repairs or any other initiatives.” Wow! Do you believe that?
First off, the city share ($14.7 million) of the $86 million TRV bridges is based on 2008 dollars. As an example of inflationary forces, the Omni Hotel had a greater than 30% increase in construction costs during a three year period. According to a report in the Fort Worth Star-Telegram (June 12, 2005) referring to the city share of $26.6 million, “The remainder will come from future bond issues voters will be asked to approve and from water and sewer funds.”
Obviously, any money from the city’s revenue fund competes with street repairs and other initiatives. The city has also committed 80% of taxes from increased property values within the Tax Increment Finance district that was approved in 2005. The TIF has since been doubled in the amount and duration. Those are tax dollars which are unavailable to the city’s general revenue fund.
The final blow to the city taxpayer is the expense of building a new fire and police training facility. That cost was estimated at $110 million in 2009. Also in jeopardy due to TRV is the Hawes recreational center adjacent to the training academy.
Congresswoman Granger further points out the number of jobs created is 16,000. Over 40 years that’s 400 per year. A real employment bonanza. You must also consider the $1.1 billion (JD and TRVA say $1.3 billion) added tax base. That too is over 40 years and at a probable cost of way, way over the current cost projection of $908,000,000.00.
“Ultimately, Oliver (Jim Oliver, general manager of the Tarrant Regional Water District) said, backers might seek more local money: from the city, Tarrant County or the Water District, or by borrowing based on future development potential.” James Toal, chief urban planning consultant, said, “The taxpayers will not be left holding the bag.” How reassuring.
In summary, TRV is going to cost a lot more, bring in a lot less revenue and compete with essential infrastructure repair. Lift the shell and there’s nothing there, the taxpayer loses (again).