On Monday, August 1, 2005, the Evansville Planning Commission authorized a public hearing to be held at the next regular Planning Commission meeting on Tuesday, Sept 5, 2005 to obtain public input on territory changes proposed for TIF district #5.
At the time the original TIF District was approved, the State legal limit on money that a city could use for TIF was lower than now. It was changed recently upward. Also, TIF #4 was recently closed.
The new areas proposed follow the red-checkered areas of the comprehensive plan--namely Exchange Street and up Union Street. Notices will be mailed to neighbors affected by this proposed change.
The one unusual property proposed to be included in the new expanded TIF district is the home on Church street across from the fire station. There is a proposal to have the home included in the TIF district so that real wood siding as opposed to vinyl can be used in restoring it. This would add to the "historical effect" of the home. As Mr. Connors explained, the siding alone would not be adding a financial tax increment.
There was some discussion of whether homeowner siding was appropriate for TIF district money since many in Evansville have such needs and there are other loan programs at low interest that would be more appropriate. The Planning Commission did approve the authorization for public hearing and whether this property or others are approved can be sorted out in the hearing process.
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I think if they allow money for this house via the tif district it is going to just open the door to alot of people wanting in on the tif district. I don't think that is really what is meant for. The housing authority has home loans for 1%loans, they need to look into that.
ReplyDeleteThe historic "home" that might receive financial assistance for restoring the wood siding is a two-unit rental property. The owner of the property has received all necessary approvals to construct a new two-unit rental building behind the historic two-unit building. If the boundaries of TID No. 5 are changed to include this parcel, the new construction will generate tax increment, and some of that tax increment might be used to contribute to the historic restoration of the exterior of the older building. If there is no public investment, the historic building will be re-sided with vinyl siding, because it does not make economic sense for the rental property owner to do otherwise.
ReplyDeleteBill Connors
Evansville City Administrator
Exec. Dir., Evansville Redevelopment Authority