Growthophobia is likely to break out in the wake of recent events surrounding a failing resort in Valley County.
Small businesses, bankers, and contractors are suffering as a result of the “troubled Tamarack Resort.” The “trouble” is they don’t pay their bills or live up to promises made.
The latest hit is the closure of the Boise office and a batch of contractors who are trying to squeeze blood out of a turnip with claims of close to $13 million in unpaid work at the development.
Despite all the excuses and explanations, it all boils down to one thing–GREED. Developers come in–be it Valley County or a city–with exotic color drawings of their dream project and generate enthusiasm amongst local politicos.
People move into the area like the 49ers hit California during the Gold Rush…all seeking a piece of the action.
The politicos see $$ in future tax revenues.
The local businessman sees $$ in the form of increased sales.
Realtors see $$ in commissions.
Some locals see $$ with promises of new jobs.
Bankers see $$ as interest on loans for home sales.
The wrinkle comes when the house of cards collapses. We slowly learn that a development is subject to all kinds of financing schemes, concessions on the part of local government etc.
The answer is to go slow, think small, and offer no concessions. If a business can’t succeed without tax breaks, use of government land, and huge loans, we probably don’t need it here.
Now there are so many on the hook that innocent parties get harmed. We are curious to see if Valley County’s assessor will LOWER the valuation on all the property that got jacked up in the wake of the Tamarack hype and Presidential visit.
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