10,275,000 dollars

[Piiilot]

I am not a finance person. On a good day I might pass for a retired government bureaucrat, with a decent second career in the private sector. So I ventured into foreign waters And did some research. It looks like, according to the EDC annual report it takes about 75,000 dollars of investment to create one job in Frisco. It will take 10 million dollars of new investment to create enough new jobs to replace the jobs lost by the closing of the Exide plant. The city takes in around 3.6 million dollars a month in sales tax. The EDC and CDC each split half of that. The cost of the Exide land deal will take about 25 months to generate the cash to pay for the purchase.

[ThisCharmingMan]

Look dude, its a simple equation.

The city council was in a damned if you do, damned if you don't spot.

The perception of Exide is bad for the city, whether it's true or not. The city council had to weigh the truth vs perception and figured that perception becomes the truth. So they did what they thought was right for the city.

Get over it and move on.

[Piiilot]

Originally Posted by ThisCharmingMan

Look dude, its a simple equation.

The city council was in a damned if you do, damned if you don't spot.

The perception of Exide is bad for the city, whether it's true or not. The city council had to weigh the truth vs perception and figured that perception becomes the truth. So they did what they thought was right for the city.

Get over it and move on.

That may be true "Dude" but I think its good to know how that all works. There is a cost associated with those types of decisions and i wanted to know what it was. If you don't care how your money is spent, good for you. I happen to care.

[Sticky Davis]

Originally Posted by Piiilot

That may be true "Dude" but I think its good to know how that all works. There is a cost associated with those types of decisions and i wanted to know what it was. If you don't care how your money is spent, good for you. I happen to care.

Okay - then apply to become a member of the EDC or CDC boards - or some other city board/committee. The city needs volunteers and your input working directly on a commitee or board would be more than welcome - seriously. Or go meet with the Mayor or a Council member - or sit in on some of these boards and committees monthly meetings as a guest - they're public meetings. There's a lot more to how these decisions are made and the pro's/con's than what surfaces on FOL.

[Frisco Mortgage Guy]

Originally Posted by Sticky Davis

Okay - then apply to become a member of the EDC or CDC boards - or some other city board/committee. The city needs volunteers and your input working directly on a commitee or board would be more than welcome - seriously. Or go meet with the Mayor or a Council member - or sit in on some of these boards and committees monthly meetings as a guest - they're public meetings. There's a lot more to how these decisions are made and the pro's/con's than what surfaces on FOL.

+1 - get more involved!


------
FriscoMortgageGuy.com says "thanks for all the refi and purchase calls!!!!".

[Piiilot]

Originally Posted by Sticky Davis

Okay - then apply to become a member of the EDC or CDC boards - or some other city board/committee. The city needs volunteers and your input working directly on a commitee or board would be more than welcome - seriously. Or go meet with the Mayor or a Council member - or sit in on some of these boards and committees monthly meetings as a guest - they're public meetings. There's a lot more to how these decisions are made and the pro's/con's than what surfaces on FOL.

I have done my time in government service, i am perfectly content. I attend the meetings I have an interest in. I can be concerned at arms length.

[Eagle_rc]

Originally Posted by Piiilot

I am not a finance person. On a good day I might pass for a retired government bureaucrat, with a decent second career in the private sector. So I ventured into foreign waters And did some research. It looks like, according to the EDC annual report it takes about 75,000 dollars of investment to create one job in Frisco. It will take 10 million dollars of new investment to create enough new jobs to replace the jobs lost by the closing of the Exide plant. The city takes in around 3.6 million dollars a month in sales tax. The EDC and CDC each split half of that. The cost of the Exide land deal will take about 25 months to generate the cash to pay for the purchase.

25 Months for a payback on a purchase, that also relieves millions in lawyers feeds, litigation, etc. i'd say that is a effffing good investment. Additionally, i stand to believe that the EDC/CDC will recoup a profit of 35-50M on the land sale there....

Seems very prudent to me...and I am/was pro exide. I love win win win deals for the gov, business, and TAXPAYER..

[Eagle_rc]

Originally Posted by Piiilot

I am not a finance person. On a good day I might pass for a retired government bureaucrat, with a decent second career in the private sector. So I ventured into foreign waters And did some research. It looks like, according to the EDC annual report it takes about 75,000 dollars of investment to create one job in Frisco. It will take 10 million dollars of new investment to create enough new jobs to replace the jobs lost by the closing of the Exide plant. The city takes in around 3.6 million dollars a month in sales tax. The EDC and CDC each split half of that. The cost of the Exide land deal will take about 25 months to generate the cash to pay for the purchase.

You also need to take into the "lost taxes' due to the ag exemption. How much is that worth over the next 5 years.. Once sold, the value of the land/building will more than pay for itself right away...

Finally, EDC is talking white collar jobs, not blue collar jobs. Exide was blue collar job. 3 BC jobs = white collar job. I think the 75k is for White Collar jobs.

This is a win all the way around.

[Piiilot]

Originally Posted by Eagle_rc

You also need to take into the "lost taxes' due to the ag exemption. How much is that worth over the next 5 years.. Once sold, the value of the land/building will more than pay for itself right away...

Finally, EDC is talking white collar jobs, not blue collar jobs. Exide was blue collar job. 3 BC jobs = white collar job. I think the 75k is for White Collar jobs.

This is a win all the way around.

Um I think a 15 million dollar tract of land will get you about 35 grand a year in property taxes. Also a significant part of this land was purchased for park land and municipal use. What's the tax rate for that land ? The EDC does not distinguish between white collar and blue collar. Emotionally this was a good deal, on paper, You would not have made this deal if you had to do it with YOUR money.

[Kenda]

So all I have to do is threaten to sue the city and they'll give me anywhere from $25,000,000 to $40,000,000?(that spread based on actual historical figures)

Anyone know a good lawyer?