Redeveloping Riverside may not necessarily be a bad idea, but the tool that is being proposed (TIF) may not be ideal.
The proposed draft of the Redevelopment Plan, the highlights of which are a parking garage and a community center, has been released and calls for a $20,000,000 TIF over 23 years. This week we will be voting on a $4,000,000 pedestrian tunnel. With a price tag of $20 million, we should also have the right to tell the Village whether or not we approve of the creation of this TIF district.
What can you do?
- Attend the Thursday, November 9th meeting at Village Hall at 7pm. There, village commissions, school districts and Riverside Township will be briefed on the TIF issue. Residents are encouraged to attend this meeting.
- Fill out the Interested Parties Form
- Read the TOD.
- Read the Redevelopment Plan.
- Review past Landmark editorials at www.rblandmark.com
- Share the TIF Facts Flyer with friends and neighbors. This will affect Riverside for generations to come.
The big question is where does the money come from to finance the TIF? Ultimately it comes from taxes. If the TIF is wildly successful the increased equalized assessed valuation will be the cash cow. If the TIF is lack-luster then the burden will fall on the backs of the taxpayer. This may also mean additional referendums to fund our schools since their revenue is frozen for a period of up to 23 years.
Village officials are saying that a TIF is just a tool…true, but where is their plan? They are asking us to sit idly by while they collect $20 million dollars without telling us what they intend to do with it.
During this 23 year period the revenues for our schools is frozen. How terrible for our children. Can you imagine having your income frozen for 23 years. What about inflation, what about all the plans you have for the future, what about all those items that need funding?
Under the TIF that increased tax revenue is taken from our schools and is used to incent developers and acquire private property targeted for development.
What about all those merchants currently in Riverside? They will be pushed aside to make room for these new developments. Do you think they will come back after several years of relocation?
The real beneficiaries for this type of redevelopment are the lawyers, consultants, bond brokers, real estate brokers, and consultants who make big sums of money from TIFs.
The big buzz is about economic redevelopment, but there must be market demand in large numbers to make this scenario viable. The belief is that subsidies to selected private businesses can stimulate the local economy. This presumes that the Village planners call allocate resources better than the free market and that the free enterprise system our country is built on is inadequate. If new developments are justified by market demand, they will be built anyway. If not, they will fail regardless of the subsidies.
Small property owners have little chance to participate in redevelopment projects. Consultants and planners prefer to work with a single huge parcel under single ownership. Entrepreneurs and homeowners just get in the way.
This is too large an issue for only seven trustees to decide, lets put it to a referendum and let the voters decide.
Please note that school property tax revenues are frozen only in the TIF District. The shools will not be on a “fixed income”; their non-TIF District revenues will not be impacted and will continue to rise as property values, new homes, home additions, etc go up. Does anyone know what percentage of the school district revenues come from property taxes in the proposed TIF District? This would be helpful (perhaps essential) information in assessing the impact on the shools.