I am a little lost on something. Well, maybe a few things.
Is there really a Loch Ness monster? Did Lance Armstrong really take steroids? Why a city or state would base its economy on attracting new residents and visitors? Is the city of Orlando really building a new performing arts center on future tax dollars?
To that last question, about the city of Orlando and tax dough, that’s the one that has me the most confused.
Last week Orlando Mayor Buddy Dyer announced that the city’s long nightmare is finally over: The city has funding to build a new Dr. Phillips Performing Arts Center.
Now the city can finally move forward with a true center for the performing arts and bring a much needed economic boost to downtown. The empty high rises and vacant buildings are one thing but an old, dilapidated arts center is just too much.
After four years of wondering, Mayor Dyer states that the necessary funding is finally in place for DPAC. (Dr. Phillips Center for the Performing Arts)
The first phase of construction of DPAC will cost $130.1 million dollars and according to Mayor Dyer some of the funding to pay for construction of the center will come from future Tourism Development Tax revenues that will total about $43 million dollars.
Future tax dollars is basically money that isn’t earned. The city of Orlando is basing part of its funding for a new multi-million dollar performing arts center on future tax dollars.
Sand money.
Now before I continue I would be remiss if I didn’t mention that Mayor Dyer assures everyone (including you and me) that if those tax dollars fail to come through that there is a contingency plan that consists of lines of credit, reserve money, and interest earned from a TDT reserve.
Now I don’t mean to sound cynical but just a couple of years ago Orlando and the state of Florida struggled harder than James and Florida Evans, because those same tourism tax dollars had fallen off harder than Whitney Houston.
The state of Florida based its economy on attracting 1,000 newcomers to the state per day. I didn’t say week or month I said per day. That’s nothing short of placing a stick of dynamite on a bank that holds all of your life savings and placing the timer to a random explode date.
I completely understand that this is a majority privately funded project, but some of that dough is being coughed up by the public. Albeit the visiting public but public nonetheless. So with unemployment still flirting with double digit numbers and a city still struggling financially, is this really the message that Mayor Dyer wants to send?
Yeah, yeah, yeah I know that the unemployment and economic argument is getting tired and old, I get that. This will bring over 3,000 short term jobs to the area and provide a projected economic boost of $315 million dollars.
But with private donors and public money being used to fund a project that the majority of the city’s residents will never step foot in, what is the real pay-off?
Call me short sighted and one who lacks vision and maybe my reaction toward the city’s newest endeavor is in the minority. But when this thing is finally hoisted with so much pomp and circumstance that it will make Bill Clinton jealous, what will the city’s reaction be if those tax dollars never come flowing through?
What happens if a few hurricanes break the city down and tourists decide to stay away for a couple of summers?
Kind of sucks when you build a house on a pile of sinking sand.
-JH
