Nwk_NJ t1_j1qc89r wrote
Fact is, companies aren't coming to Newark, NJ unless they have incentive. It is what it is. Fix other aspects of the city, and maybe it'll be more organic. But they obviously see this as an economic and social engine. Does that really work? It's disputed.
The Prudential Center and NJPac clearly had some impact. But was it significant? Not sure. How much of that is a failure of those venues and how much is a failure of other aspects of this city writ large? They won't transform things on their own. So the question is, are you going to use them as catalysts by putting in the work elsewhere, or are you going to expect them to do whatever small things they can in their limited orbits, or just say F it, and stop soliciting these types of entities to come here at all.
Thing is this though- for all the complaining about the tax breaks, we didn't have the tax revenue at all before they were here. So it's not a loss, it's just not a tax gain. However, businesses and buildings, etc that spring up as a result of this WILL pay taxes, and eventually Lions Gate will too...so you go from 0 taxes to some taxes you didn't have before. It is a net gain.
DrixxYBoat t1_j1r6u2w wrote
Yeah, we're going to get fucked no matter what as a city that's trying to take it to the next level.
As you said, the benefits of lionsgate should outweigh the drawbacks if done right.
The same way the whole foods in the hahnes doesn't pay rent at all. Yeah they're getting over on us, but that whole foods has been a staple to the downtown atmosphere so 🤷🏾♂️
Nwk_NJ t1_j1rj8r3 wrote
Def makes sense...agreed. always draw backs to things. Hopefully we get to a point where we don't need to do this anymore and the incentive is newark itself.
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