Monday, April 09, 2012
OpEd: No Slamjam for TIF5 Refi Please
It has been one of the topics of discussion since the very first meetings on TIF 5, the TIF district for the downtown, on what would be the remedy if the TIF failed to get the tax increment necessary to succeed. One of the remedies for the risk was to have the developers of the Eager Store to guarantee the increment independent of any appraisal, and pay a fixed amount each year for increase taxes. If you watch carefully in the video from last weeks Evansville finance meeting, City Administrator Dan Wietecha says that the guarantee worked precisely as it was supposed to. It is the other properties in the TIF district that have not gained the increment necessary. After these comments, Mr. Wietecha then said that "one idea" might be to relax the guarantee from the Economy store, and give the developers a lower payment each year. If one assumed that once the TIF 5 explodes, then it will be placed on the taxpayer roles, then that idea would make this happen sooner. So the idea that one could SOLVE the increment problem by making it WORSE is a novel idea indeed, and a clear indication that the City Council and indeed each citizen of Evansville needs to review this video and let the City alderpersons know your thoughts on it.
Posted by Richard Woulfe at 5:10 PM