Believe it or not, I actually like this idea. (I may have to turn in my Urban Populist card, but what the heck, it's getting dog-eared anyway.) There are reasonable questions raised in the PD story -- why just downtown? why not target the incentive to jobs for city residents? -- but the concept is very interesting for at least four reasons:
First, it's a straightforward cash subsidy for actual hiring and payroll, not for real estate development that might lead to hiring.The PD story says Council hasn't moved on the proposal, implying that it's being stalled. Maybe this is the case, but it's just as likely that Council is waiting for formal comments from the Finance and Economic Development Departments. Besides, the Mayor and Council are still in the midst of a tense budget process. And interesting as the concept may be, it is a major innovation that calls for serious deliberation, not election year fast-tracking.
Second, it leaves very little to chance. The City gets its new income tax money up front, and only then rebates a portion of it. (And the City's playing with its own money, not someone else's.)
Third, it's useful to any kind of employer. It's obviously designed for "intellectual asset" businesses, in line with the Euclid Tech Corridor idea, but would apply just as well to a cleaning contractor or bank.
Finally, it sets an excellent precedent by putting the Fair Employment Wage requirement right up front.
But it's a good enough idea to get that serious look from Council before Summer recess and the onset of election-year paralysis.
A