Click on the post for the official minutes of the Redevelopment Authority meeting.
These minutes reflect the discussion that was held at the very inception of TIF 5, and very vigorous discussion as I remember it, that wondered whether the infrastructure costs in the TIF would put an unrealistic burden on appreciation of the other properties and thus the TIF fail to make projections--however, looking 25 years ahead is always a tricky thing considering that this has been the worst economic situation since the 30's.
Mr Wietecha makes a point that it is important that the guarantees to the city and taxpayers be adhered to.
Stay tuned. I sure would like to stick around to cover the closing of the TIf in 2035.
Friday, April 16, 2010
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The ability of this TIF district to fully cover the debt service on the huge investment in public infrastructure was premised on the assumption that there would be several large redevelopment projects that would produce far more tax increment than they consumed. These projects did not materialize before the recession and have been impossible during the recession. But the large public infrastructure projects were absolutely necessary, so if the tax increment turns out not to be sufficient to cover all the debt service, the taxpayers still are in a much better position than they would have been without the TIF district.
ReplyDeleteBill Connors
Former Evansville City Administrator