Longmont officials will spend $6,000 to study Twin Peaks Mall to determine if it meets criteria to be deemed blighted. If so, it could qualify for a tax-financed redevelopment. This seems a bit curious considering Panattoni Development Co. recently bought the mall, and word is it plans on drastic improvements. It seems like this study is little more than a precursor to spending buku bucks to help a developer with deep pockets—Panattoni built the Lowe’s complex on 119. We’re not against incentives; in this case, Longmont should be offering rebates instead of cash up front. This comes in the wake of the city opting not to fund a regional tax sharing study that could help cities avoid fighting to lure retailers with incentives. Hmmm.
What’s Next: We wait for yet another city to give away everything to a developer in the hopes of luring vital sales tax dollars.