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Encouraging current property owners in TID No. 5 to apply for assistance to fix up their properties is a worthy effort. But it is far from enough. TID No. 5 will fail financially unless the city attracts some big redevelopment projects (such as acquiring several lots, razing the existing buildings, and constructing condos or mixed use) that produce more tax increment revenue than they consume.
Encouraging current property owners in TID No. 5 to apply for assistance to fix up their properties is a worthy effort. But it is far from enough. TID No. 5 will fail financially unless the city attracts some big redevelopment projects (such as acquiring several lots, razing the existing buildings, and constructing condos or mixed use) that produce more tax increment revenue than they consume.
ReplyDeleteBill Connors
Former Evansville City Administrator