Riverside Info » About Riverside

Development

(22 posts)
  • Started 5 years ago by Lonnie
  • Latest reply from MikeSedivy
1 2 3

  1. MikeT
    Member

    On corbi328's statement that 'You cannot have it both ways' (redevelopment occurring by itself and the TIF encouraging redevelopment)...

    I am not going to speak for Lonnie, but I will speak for myself. I do not think it is a contradictory position to state that redevelopment is occurring now without the TIF AND a TIF would spur even more redevelopment.

    The train is moving forward now through market forces; let's say that is the fuel. It does not need extra fuel to go faster. In fact, that extra fuel, via the TIF, can make this train go out of control and lose its way, and get off track.

    And paradoxically, the TIF can actually impede those same market forces. I think it is too coincidental that the Arcade paused its redevelopment efforts right when the TIF proposal was being put on the table. Keep the invisible hand invisible!

    ALSO-

    corbi328 said--
    I happen to feel the financial and lifetsyle benefits resulting from this redevelopment will be a tremendous positive for the town

    I disagree that the lifestyle benefits will be positive for this town. Rather, a part of what I meant when I said the the train can get off track above if the TIF were applied, is that the lifestyle benefits that Riversiders are accustomed to - quiet, peace, lack of congestion, smalltown atmosphere -- would be seriously compromised with the TIF that is on the table (with the extra fuel that would allow improper redevelopment, redevelopment that is not in synch with the essence of this town).

    mike

    Posted Wednesday Dec 27, 2006 12:10 #

  2. MikeSedivy
    Member

    I am not privy to the Arcade's financial situation, but it appears that they got themselves upside down. Costs have gone up considerably and the macro condo market has cooled considerably. I can not fathom that they would chase their tenants out and incur considerable costs to carry a nearly vacant property in hopes of receiving some TIF reimbursement down the line that most likely would be a fraction of the costs to carry the property. This makes no sense and I feel comments blaming the TIf are disingenuous.

    With regard to the schools, let's put this in perspective. The TIF district represents around 3% of District 96's total EAV and around 2% of Riverside-Brookfield High School's EAV.

    Posted Wednesday Dec 27, 2006 12:33 #

RSS feed for this topic

1 2 3

Reply

You must log in to post.