Letter: The myth of economic development in La Grange Park
To the editor:
With La Grange Park elections approaching, some residents feel that a change in leadership is needed to bring about rapid progress toward economic development and commercial revitalization. This feeling is inappropriate because it is based on feelings rather than analysis. It is based on a myth.
The expectation is that economic development will result in increased sales tax receipts through increased sales. The basic sales tax has a 1 percentage point addition that goes directly to the village. For each additional $100,000 in income we need, $10 million dollars of new taxable sales are needed. We need multiples of that amount! Our sales tax from $10 million of new sales probably would not even cover adding two people to the village payroll (fire, police or public works). It would probably not cover repaving more than a block or two of our backlog of many blocks past due for repaving.
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