Expanding development tool
http://www.fortwayne.com/mld/journalgazette/news/editorial/16959453.htm
From the article:
"Taxes paid by Apple Glen and Jefferson Pointe property owners can help finance Harrison Square."
"The city estimates the Jefferson-Illinois Economic Development Area expansion will bring in $12 million over 25 years."
"By using targeted taxing districts like this one, the city can avoid raising its property tax levy to finance Harrison Square."
"The expansion of the area is an important step in securing a large portion of the money needed to pay for Harrison Square. But it does not obligate the city to spend a single cent, and it does not mean the project has to go ahead"
Park would be razed for Harrison Square
http://www.fortwayne.com/mld/fortwayne/news/local/16959321.htm
From the article:
"Becker said even though the project will mean elimination of Ewing Park, it will include a new open-space park as part of the stadium project. The area would be fenced closed during Fort Wayne Wizards games but open to the public at most other times. Becker said he envisioned some playground equipment for kids being available at the new park area."
"Other parks staff said that the Harrison Square project would be a boon for the Foellinger-Freimann Botanical Conservatory by bringing more people to the area, and more parking. A 1,000-space garage is part of the project."
Friday, March 23, 2007
Pre-weekend Press
Posted by scott spaulding at 3/23/2007 10:53:00 AM
Labels: City Council, Downtown development, Harrison Square, Mark Becker, TIF
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12 comments:
Has anyone noticed the great improvements made along the Jefferson corridor since the Jeff. Point TIF was expanded in 2005 ? Especially between the RR overpass and Swinney Park? Dimension Ford -a nice empty space now that they have moved, etal. And now the property owners in Apple Glen & Jefferson Pointe will be asked to send their property taxes to their new competitors in Harrison Square !! What a way to reward investment in our area.
The paragraph that starts, " The city has already gained possession ....." ends with a very true statement , which looks like it means that, "If Harrison Square does go through, it will NOT benefit the entire community"
How can the "planners?" on this project pass the entire cost of the stadium off as "infrastructure"? TIF dollars are only to be used for public infrastructure. But, then if you read the RFP on the hotel and it's "Response to questions" you see that "we will be very generous in our definition of infrstructure." So, anything goes, I guess. John K.
Does anyone understand that everytime you create a special financing district the new businesses in that district do not pay property taxes towards the schools, library, City, etc?
Guess what that means?
As we create more and more of these speciial districts there is a smaller and smaller area that is taxed to pay for schools, libraries, etc...
Guess what that means?
I think you can figure it out...
Mike Sylvester
The retail at Harrison Square is going to be privately funded. Therefore, TIF money will not pay for Jefferson Pointe's competition. Nice try, though.
Mike,
It depends if the land is publicly or privately owned. If the land is privately owned (hotel, retail, residential), there is still money going to taxing bodies. New taxes above previous values go to the TIF.
If the land is publicly owned (stadium, parking garage, infrastructure), it doesn't generate property taxes (in or out of any special district), so no money goes to the TIF from those properties.
To unsigned anonomous: But the infrastructure for trhe support of the retail areas will be paid with TIF dollars - the sidewalks, roadways, alleys, streetlights, landscaping - anything as "defined" by our redevelopment crew. John K.
In addition, Mike S., the income tax credits under CReED will be sold, at a discount, to an Indiana corporation that owes Indiana income taxes so they can use the face value as a credit, thereby avoiding to have to pay. Guess who then gets to pay the replacement for this give-away???
YOU DON"T GET TAX DOLLARS FOR NOTHING !! - (unless you are a money-printing government -which Fort Wayne is not - at least since the Civil War). John K.
Ask the owners of Mullenix Packaging on Engle Rd. how they felt when our governmental development group offered and granted a foreign-owned company a whole host of tax- financed incentitives so they could set up shop in Allen County IN DIRECT COMPETITION TO THEM. So their taxes were being used to allow a competitor an unfair advantage to vie for sales & employees in our area. What a great way to convince potential new industry to invest in Fort Wayne for the long haul - Read Burlington Air Freight et al. John K.
Mike,
We dont understand. Please explain it to us. We are all unmitigated fools.
John K., are you sure Leatherman and Becker were not on the grassy knoll?
Merle
Merle - I really don't know - I think that neither one had been born yet, so probably not. What's the connection? John K.
Scott,
The problem is that city spending continues to go up but if we're not adding these new private "infrastructure" projects into the tax base then who is going to pay for the additional spending?
We are of course, through increased property taxes - see the $500Million FWCS monstrosity...
I'm with Anonymous. This new project will really emphasize that Fort Wayne is a great place to raise a family. While it has taken a while, our DUI enforcement (#1 in the nation!) is starting to pay benefits downtown, and some of the seedier places are for sale with no buyers. We can only hope they just give up the ghost or feel the death stroke of the smoking ordinance. I sure hope it drives out that strip club on Calhoun.
Is that true about the ice cream parlor? I hope it's a large one, with room for birthday parties. My son's birthday falls during the season and a trip to the park then ice cream would be great. Beth W.
I believe "Come to Fort Wayne, #1 in DUI Enforcement" should be our new slogan.
Shree
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