(From press release) The Developer's promises of economic benefits from DISC want you to believe all you have to do is vote "YES" on Measure B and the City's potholes will be miraculously filled with the gold nuggets tumbling from the DISC bandwagon.
But the DISC project will not be an economic bonanza and may even cost the City money over the long term. This is because extremely optimistic projections of property taxes from the project will probably never materialize.
And with no fiscal guarantees, the Developer will be the only one hauling away wheelbarrels of money!
Valuations for Property Tax are Grossly Inflated
- Valuations are based on hopelessly optimistic and unrealistic assumptions compared to the same analysis done by the same financial consultant for the same business park just 5 years ago.
- For instance, the office and retail space property valuations at DISC (and corresponding property tax income) are now assumed to be 48% higher than just 5 years ago and 68% higher than the current regional average.
- The City's Finance and Budget Commission voted on a slim 4-3 margin only that the project "is likely to produce a net positive financial benefit to the City"...Not exactly a ringing endorsement.
- And one Commissioner even called the consultant's assumptions a "fairy tale". Clearly, a thumb has been put on the scale to make the project seem economically far rosier than reality.
COVID could turn DISC into a Land-Use Dinosaur
- Future office space needs are plummeting due to the wave of new remote work-at-home employees.
- This trend is causing a glut in existing office space, forcing office rents and property valuations to plummet which precipitously drops projected tax revenues paid to the City.
- But the economic consultant for the City and Developer refused to even analyze any possible impacts that Covid may have on the project's supposed large economic benefits. This is Misleading!
The more we hear about DISC, the more it is clear that Davis will get all of the traffic and pollution and the Developers will get all of the profits. It's time to just say "NO"!
For more information, to order a lawn sign, or make a donation, visit www.VoteNoOnDISC.com