This article explains how economic development deals may not be such a good thing. The last two paragraphs summarize the reason for the article, and offer a warning to those so willing to take a chance with the revenue of a municipality for gain that may be as ethereal as a jackpot at a casino.
My personal experience with such "deals" was having some friends having business problems due to their city allowing a special deal for a large retail chain. Their products would now be sold at the large chain, as well as other local businesses, and the retailer received a tax abatement. In the end, the economic disaster destroyed small businesses and caused harm to the tax paying citizens that once funded the city.
Did it help the community? From my perspective, it didn't, and caused some well founded resentment to those that are supposed to represent the local community. Losing tax revenue from local businesses, decreasing the value of commercial real estate, and opening the door to corruption are not healthy results. Whether the decision increased the revenue is not really important. Hurting local business, and individuals, for a gamble is as ridiculous as betting on the ponies with public funds.