Wow, I was just the other day thinking of an idea like this...and here it is. Very cool.
This seems like it could actually work, if you had outstanding citizens that contributed to the growth and well being of the city. Bums and people that do not contribute would not last long here. It would not be fair to the rest of the town.
The way the taxes work, what a dream...actually having a real vote as to where tax dollars are spent. I wish my country would adopt this.
Great read, thanks for sharing it, cheers.