Thread by @jaderesearch

Thanks @RTDNEWS for info on Diamond District. It's to be funded byTIFs like Navy Hill. It's Navy Hill+6th Street Market Place combined, funded by TIFs, known to impact school funding. Interest rates must be paid from annual budgets as interest rates rise. #RVA @KatherineJRVA

@RTDNEWS @KatherineJRVA Here's @TheWeek article about Navy Hill. Farrell was not pushing for this. Other backers hidden by shell company NH District were. Political figures to benefit too, but TIFs are known to siphon local funds from schools. Info on TIFs: p1-2 #RVACouncil declined. Get new $$ data.

P.3 There's no smell of bid rigging here since there are 3 offers, but the threat to finances remains. #RVA is maxed out on bonds so TIFs are floated, siphoning real estate tax $. Interest rates rising, paid from annual budget, so that hits NOW. Recalculation on $ impact needed.

Compounding #RVA fiscal woes also impacting tax payers in @ChesterfieldVa & @HenricoNews is getting the ancient sewage system updated complying w SB1064, costing $2566 per yr, per household, JUST FOR wastewater. #RVA already has highest real estate tax rate in VA. @Jeffersoninst

With long neglected,unsafe @RPS_Schools, buses, & facilities. It's hard to see how this project addresses #RVA's most important problems, given TIFs known detrimental impact on schools. Localities must fund schools. Other states pick up cities' fiscal losses. Virginia does not.

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