The Beacon Center's Justin Owen describes why it's important that the value of all tax incentives, including tax credits, be disclosed when the government grants them to a private company.
The Nashville Business Journal reported today that government attorneys believe it's OK to redact information in a document put before a vote of Metro Nashville's industrial development board. That members of a governing body were kept in the dark and apparently had no concern about it demonstrates just how far we've come in our local and state government culture. It's sloppy government and the citizens of Tennessee deserve better. It concerns AllianceBernstein, which is moving its global headquarters from New York to Nashville. From the Business Journal, as reported by Adam Sichko: What the state has disclosed is a $17.5 million jobs grant tied to the money manager's decision to [...]
In a win for a group of citizens in East Tennessee, the Court of Appeals in Knoxville ruled this week that a nonprofit economic development organization in Jefferson County is subject to the state's public records and open meetings laws. The court held in Oliver Wood et al. v. Jefferson County Economic Development Oversight Committee, Inc., that the nonprofit organization, which has received between 60 percent to 68 percent of its budget from local governments each year, is the functional equivalent of a government entity and subject to the Tennessee Public Records Act. The court also ruled that because EDOC has a significant role in making decisions and recommendations to local government [...]
The state's four largest newspapers published an examination of local and state economic development programs and came up with this answer: Are Tennessee job subsidies a success? Secrecy makes it nearly impossible to know. Across the country, citizens and some lawmakers have been asking for more accountability and transparency from economic development programs that would show which job subsidies are effective and which are not. This is a pretty cool database that allows you to check on the FastTrack grant program in your county. You can see how many jobs companies in your county promised, and how many they say they have produced. FastTrack grants are one of the [...]
Tucked in a Nashville Scene article about Nashville councilman John Cooper is an anecdote that is not altogether unusual -- an elected official hitting a roadblock in getting what he thinks should be basic public government information. At-large Nashville Councilman John Cooper Cooper is the chairman of Metro Council's Budget and Finance Committee and the article by Steven Hale describes him as "a vocal opponent of the type of incentive deals that have been a staple of Metro's economic development strategy for years." Cooper tells The Scene that "I'm kind of in a thing with Rolling Mill Hill, trying to get just basic information about the transaction." Having a [...]