I'll gladly pay you in twenty years for a condo building today...

The PIEA (Planned Industrial Expansion Authority) is a pseudo-government agency that hands out tax abatements to projects it deems worthy. Let's not dwell on the fact that the PIEA almost never finds a project it deems unworthy. That's the subject of a post unto itself. The KC Business Journal reported last week that Matt Abbott will be seeking $15 Million in tax abatements for two properties with a combined, renovated value of $60 Million. Basically he's asking for the rest of us to pay for 25% of his project. First off, Matt Abbott is the guy who drove the Law Building into the ground (literally) by failing to come up with financing for its rehabilitation and eventually selling it to a New York developer on the condition that it be demolished. Matt's record for saving downtown landmarks ain't the best in my book. Second, he's asking for these tax breaks claiming that he will pass them on to the buyers of the condos. If you believe that I've got some TWA stock I'd like to sell you. That little "check's in the mail" promise is made by every developer who comes to the taxpayers, hat in hand, asking for a handout. The hearing for the request is in May. I think I'm going to put that one on my calendar. I figure I might as well see what we're all going to be paying for.