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Friday, May 24 2013 4:10 PM EDT2013-05-24 20:10:23 GMT
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SOURCE Strategic Economics Group
Second study shows revenue impact of Hard Rock and Warrior Taxpayer Funded Casino Developments
SIOUX CITY, Iowa, March 13, 2013 /PRNewswire-USNewswire/ -- In the second installment in a series of studies conducted by the Iowa-based Strategic Economics Group, Sioux City and Woodbury County taxpayers would lose millions in new revenues if either the Hard Rock or Warrior casino projects were chosen.
Both Hard Rock and Warrior are requiring $22 million and $25 million (respectively) in tax increment financing – known as a TIF. The TIF requires the City to front these dollars so that the developers can receive favorable loan financing rates. In return, property taxes collected from those developments are the diverted to pay off the loan over the course of 20 years. Neither of the Hollywood Casino proposals requires such financing.
In Sioux City, property taxes collected go to various recipients including the City, County, Sioux City School District, Assessor, Community College, Agricultural Extension Office as well as special and other taxing districts. If Hard Rock or Warrior is chosen, each of these recipients will lose out on the new revenues that would otherwise be generated by a new casino. In contrast, if the Hollywood Casino proposal were chosen, the recipients would receive all of the new revenue generated by the Hollywood Casino development.
While the Hard Rock and Warrior Casino projects provide the City of Sioux City with additional monies that will cover some of the losses to the City, the other property tax recipients will not benefit from those dollars and lose out on the incremental new revenue that they would otherwise receive. The study notes that, the promised 1.75% of adjusted gross revenue offered by Hard Rock to the City as an "extra" is in fact not an "extra" but instead is "a payment intended to compensate the city for their lease payment on a surface parking lot that will be used by the casino."
The authors of the study are Harvey Siegelman, President of SEG and former State of Iowa Economist (1982 – 2001) and Mike Lipsman, senior economist at SEG and former Research Manager for the Iowa Department of Revenue. To arrange an interview with the authors, please contact: Harvey Siegelman at 515-246-0764.