Our presenter on Feb 6th was John C. Mozena, who is the President of the Center for Economic Development.
The Center was founded in 2018 as an independent, non-partisan, non-profit with a purpose of education and advocacy. Its mission is to ensure Americans have all of the information they need to demand meaningful transparency, accountability, and reform of wasteful economic development subsidies and incentives in their local communities.
John presented a view of these incentives through the prism of the 4-Way Test. Is it the TRUTH?: The proposed benefits derived
from incentives occur, at most, 25% of the time. Is it FAIR to all concerned?: The example given was the Transformational Brownsfield Program as it applies to the Hudsons Building where all of the taxes connected with the construction of the new building go back to the builder. Will it build GOOD WILL and BETTER FRIENDSHIPS?: The wrong type of friendships are made between politicians and lobbyists who use the “jobs created” to their benefit. Will it be BENEFICAL to all concerned?: Studies show that 90% of incentives are a waste of money where far more is spent/not collected than jobs created or wealth put back into the community. www.economicaccountabiliy.org.
