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Tuesday, July 10, 2007

TIF: Part III 7-8-2007

Third of three videos re D&D request for TIF assistance for commercial portion of new development on east side.

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Posted by The Evansville Observer at 9:54 AM

2 comments:

  1. Anonymous5:27 PM

    I almost hate to agree with Tom on this but he is correct in that people do want to see somethng on that corner.
    On the other hand here are the two cases that could be argued:
    1-If approved as is how much property tax relief would it bring to the residents?
    2-Would it be the equivelent relief as if a industrial company moved in to that spot?
    Mason acts like the city has never been strong armed in the past by a developer! It happens everyday in this town.
    I am not sure what the city has against this particular developer but they need to get over it and let them develope that property. Give them the TIF and be done with it.

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  2. Bill Connors8:45 AM

    I urge people to read my posts under Part I of this subject. The city does not have anything against this developer (property owner). The city has sound fiscal reasons for not giving in to the demands of this developer (property owner).

    But in direct answer to the first question posed by anonymous, the city's residents will receive no property tax relief as long as the TID is in existence, and the duration of the TID will be extended by many years if the city gives unneccessary TIF assistance.

    In response to the second question, the city does not want industrial development at the corner. The city wants commercial development at the corner, but wants the property owner to pay for the streets, sewers, water mains, etc. and to recover that investment in the sale price of the commercial lots. The city wants industrial development to occur further south on D&D Development's property, and is willing to provide TIF assistance to pay for all of the cost of the streets, sewers, water mains, etc. for the new industrial lots. Mason commented that the TID originally was classified as an industrial TID, but that classification did not require the entire area of the TID to be zoned for industrial development, just a majority of it.

    Bill Connors
    Former Evansville City Administrator

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