The problem with these deals seems to be that the same pattern plays out each time. It follows something like this.
- Wealthy investors tell local government that they'll co-invest in a project with major public benefit.
- Taxpayers complain, but government does so anyway.
- Wealthy investors change terms of agreement in 11th hour (sort of like the asphalt suppliers with the DOT) and/or pull out of deal completely AFTER procuring money from the government.
- Taxpayers get stuck with unprofitable tax burden of a mess and wealthy investors screw off with obscene profits at the public's expense.
If the deal were THAT awesome, the wealthy investors wouldn't be coming to the government for assistance. It's amazing that some county and city governments up north of us haven't wired all of their funds to a wealthy friend in Nigeria (or substitute your favorite country in Africa).
To their credit, the legislature hasn't been swindled by a sports team or NASCAR race track in at least 2 years. Knock on wood.