ratables

Buying Out Tony Mack’s contract is a Win-Win

October 17th, 2012 |

Author: admin

Our country’s economy and especially its real estate market has been in a slump for 4 years. However, in the next 2 years we’re going to come out of it, no matter who wins the Presidential election.

When that happens, we don’t want Trenton to be left behind.

A normal economy will grow around 2-3% a year. For Trenton with its $1.9B tax base and ~ $70M in property tax revenue that means our revenues could increase $1.4M – $2.1M a year. That’s if we were normal.

The problem is that our Mayor has become a national and regional publicity problem due to his various missteps and most notably his arrest by the FBI on corruption charges. It should be obvious to us that no matter how good the national economy, a developer, potential homeowner or business owner would not want to invest in a city under such leadership.

Tony Mack is a drag on Trenton’s economic recovery.

In addition to the bad reputation he’s given the city, it’s also become apparent that Mack’s administration has no intention of addressing our economic growth. In Mack’s 2 ½ years in office he has not made one proposal to increase our tax base. In his 10/16/2012 budget address to City Council he did not mention ratables or growth in property taxes other than to pitch his proposed $.19 tax hike, which would have a negative impact on economic growth.

Mack is not thinking about revitalization. He’s never mentioned it. There’s never been a plan presented. This city’s budget discussions have never contemplated expenditures related to increasing our tax base and thereby our property taxes, our single largest source of revenue.

If by inaction and negative publicity, he “drags” our economic growth by even one quarter of one percent or $150K per year in growth, we would be better off paying the man to step down. We’d be better off paying Tony Mack his $126,000 a year salary, NOT to show up for work.

For a man facing a difficult legal battle and under severe personal financial distress, this seems a win-win for both Tony Mack and the City of Trenton.