Here is the SURPRISE I promised last week.....

This will surely drive a couple of the Bloggers crazy....

Former State Legislator & Radio Talk Show Host CLANCY JAYNE now has a weekly column in the 'Arizona Republic's" new 'North Valley' section.

Here is the first column:

CityNorth project is worth no-risk $100M investment

Mar. 30, 2007 12:00 AM

There has been a lot of discussion lately about the reimbursement agreement between CityNorth and Phoenix. Some have questioned why Phoenix would give $100 million to a developer. As a businessman and former legislator, a fiscal conservative, I questioned it, too.

But after a lot of investigation and fact-finding, I have come to the conclusion that not only is this the kind of mixed-use project we want, but it is also a risk-free investment to Phoenix that will generate hundreds of millions of dollars in sales tax revenue for the city and the state. In short, the support for CityNorth is a very smart move for the residents of Phoenix.

Many say the $100 million belongs to residents and should not be contributed towards a project. But if I told you that you could invest $100 million and get $180 million back vs. investing nothing and only getting $60 million, you would make the investment wouldn't you?

Without the investment in the parking structures, the project won't generate the same amount of revenue. Having parking structures translates to greater density and more stores, and thus more tax revenue for the city.

It should be noted that Phoenix does not have to reimburse one dollar to the developer until after the project generates revenue to the city. So, if the project doesn't produce, the city and the taxpayers are out nothing. Additionally, CityNorth is not another shopping mall. Rather, it is a true urban core that has an employment center capable of attracting high-profile corporate headquarters, a corporate and luxury hotel center and a major residential center.

As an urban core, this project will help us plan for our explosive growth in a smart way. I have learned that the engineers estimate that the project will capture more than 60,000 "internal car trips" that would otherwise be clogging our already congested road system.

Driven the 101 lately? Further, Elliot D. Pollack & Co. did an independent, comprehensive analysis and found that CityNorth will be an economic engine for Phoenix. It found that this project will generate more than 22,000 new jobs and more than $3.3 billion in economic activity annually.

My conclusion is that the residents of Phoenix will realize a far greater benefit for our community with the investment in infrastructure in CityNorth than if no investment were made. The final point must be that Phoenix is not writing a $100 million check to anyone. This is credit paid back out of tax revenues - No sales tax generated, no credit back.

The writer is a Phoenix resident, former legislator and business owner.