John Kane is seeking a direct investment from Wake County taxpayers for his Downtown South development through a financing vehicle known as a tax increment grant (TIG). In one scenario this could cost Wake County as much as $120 million over 20 years (see coverage in the N&O here). So far ONE Wake has heard conflicting information about how this TIG will be used, including whether or not a majority of the funds will be used to subsidize a proposed stadium instead of affordable housing or other community benefits.
It is also unclear who will have a voice over how this TIG is used. Will the uses of this huge subsidy be shaped by a small, handpicked committee? Or will all Wake County residents have a voice?
The purpose of this petition is to make the County Commissioners aware of our interests and to develop a base that can shape the TIG process that will begin in earnest in January 2021 and will likely continue through June or July.
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I call on the Wake County Commissioners to support an open and participatory process by which all Wake County residents have a voice in shaping the purposes of the proposed TIG for Kane Realty and Downtown South. I believe that it is especially important for residents of adjacent historically Black neighborhoods and other underserved communities who have long been marginalized in Southeast Raleigh to determine how this fund should be used.