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Monday, January 10, 2011

Taxpayer-Supported Welfare for Olathe Retail Area Not Going Well

The City of Olathe LOVES giving out taxpayer-supported corporate-welfare.

Trouble is- that welfare is supported by economic forecasts- which many times are even less reliable than the weather forecast.

The OLATHE (KS) NEWS reports that the pollys have had to tap "a reserve fund" to pay off bonds for the Bass Pro store and surrounded retail area known as Olathe Gateway- most of which remains built in drawings only.

An added sales tax reportedly hasn't provided the necessary funds to take care of the bonds that were issued to build Bass Pro and surroundings.

Olathe officials interviewed for TON article are quick to point out that "no" city (taxpayer) dollars went into the tapped reserve fund- and that "the city isn't on the hook (paying for)" the development if it goes to bankruptcy.

See the earlier CSW blog today on taxpayer-supported corporate welfare too.

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