Taxes from TIF district aid public amenities
http://www.fortwayne.com/mld/journalgazette/news/editorial/17066464.htm
From the article:
"Hardball Capital, the owners of the Fort Wayne Wizards, will pay $5 million up front as part of the development of a ballpark. Their private investment will not be paid at a rate of $250,000 per year for 20 years."
"By statute, TIF funds identified for potential use with the public funding portion of the Harrison Square project could not be applied to resolve the public safety pension issue. The city of Fort Wayne is working to meet the pension fund obligations while still maintaining the sound fiscal health of the city."
Thursday, April 12, 2007
Deputy Talks TIF
Posted by scott spaulding at 4/12/2007 07:49:00 AM
Labels: Hardball Capital, Harrison Square, Mark Becker, TIF
Subscribe to:
Post Comments (Atom)
8 comments:
Commmissioner Rousseau certainly did not let the facts get in the way of his efforts to kill yet another downtown project while protecting the county fiefdom otherwise known as the coliseum property.
Chris W.
OOOOPS!
Wonder how everyone who went ballistic over Rousseau's assertions will react?
Will Pat White bring this up tonight on WOWO?? I think not.
WOW The first bit of information on how the negotiations with Hardball are going! Hardball is going to pay the $5Million up front! Wonder if this was arrived at because of Ed Rousseau's article?
Mark Becker is not always correct. Check out the Indiana Code covering TIF which states, in regard to the fund generated by the excess property tax dollars, " When the moniesin the allocation fund are sufficient to pay, when due, all the principle and interesr on the bonds, and is not needed for other purposes stated in the declaratory resolution establishing the district, monies in the allocation fund in excess of that amount SHALL BE PAID TO THE RESPECTIVE TAXING UNITS in the same manner as general property tax revenue." So if the rules are not changed (see resolution 2007-13 which was presented to City Council last Tuesday night) TIF income, by statute, can be used at some point in time to fund items like public safety pensions.
About the resolution mentioned, it was originaly set up to pay the bonds required for the infrastructure needs of Apple Glen and Jefferson Pointe and in 2005 council was asked (and approved) a simular resolution to extend the TIF district established to include the Jefferson Corridor from the original area down to the newly expanded Grand Wayne Center. I guess if this continues, eventually all of the city will be the TIF district - then all property taxes will be available to our Redevelopment Commission. John K.
Kalb & Rousseau, defenders of justice and the status Quo! Maybe we can all chip in and get them some nifty form fitting super hero outfits with a big "Q" emblazonned on the front.
Ed
If it weren't for people defending the status quo, we wouldn't have the Allen County Courthouse but would have another atrocity that looks like the City County Building.
Have we now heard the first comparison between Memorial Stadium and the Historic Allen County Courthouse?
Earl
Kevin Knuth:
Most likely they will react with something like this:
Fort Wayne needs to publish the entire financing plan immediately; then people would quit trying to guess what the plan is...
First it was 300 rooms, then 250 rooms...
First it was a 1000 space parking garage, then 700 or more spaces, then 900 spaces, etc...
We need some facts and the City has NOT provided them.
Heck, I am beginning to wonder if I need to file an entire "pile" of Freedom of Information Requests because I want to know what the financing plan is...
Mike Sylvester
Post a Comment