An emotional decision
The Cary Town Council decided to move forward with The Mayton Inn, despite the enormous amount of tax dollars funneling into the project.
When I compared the numbers with the incentives given to MetLife, it was obvious The Mayton Inn project should be stopped. However, the Town Council chose to move ahead. Several comments I heard during a recent public hearing were disturbing, including the notion that the hotel will bring $130,000 a year in tax revenue in 10 years. Yes it will, but the first eight years will have to pay off the $900,000 loss in the sale of the one-acre lot.
Also, it’s not true that the town will own the building if the project fails – the bank will own the building. The approximately $5 million that will be spent on this project could be used more wisely.
Emotions should never trump sound business sense. All of this for 40 low-end jobs. Wonder why your taxes are going up?