HR, in our meeting with the village, they did not rule out a loan from the general fund. Tim, I have not, but in all fairness I have not sought out the answer to your question either. A problem with TIFs is that they can be changed once established, and 23 years is a long time for mischief to occur even if a restricted TIF were established.
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Forum for serious TIF questions:
(15 posts)-
Posted Sunday Feb 11, 2007 15:46 #
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Tim, also, the B2 is not something that should be repaired with the TIF document. that zoning ordinance should be amended forthwith to put in place bulk limitations that will prevent more VC-like inappropriate development.
Posted Sunday Feb 11, 2007 15:49 # -
A material amendment to a TIF cannot take place without reinitiating the whole TIF process (i.e. public hearings, joint review board meetings, voting on the amended TIF).
Posted Sunday Feb 11, 2007 15:53 # -
Corbi, you are correct, as to major changes in the Redevelopment Plan...minor changes require only public notice. This again stresses the importance of a well thought out Redevelopment Plan from the get go.
Lonnie, thanks for the insight. If you can find scenarios similar to what I am looking for please let us know.
Posted Sunday Feb 11, 2007 16:08 # -
Another question that should be considered is a cost-benefit analysis of TIF inspired taxpayer-subsidized development. If hoped for development is projected to bring in "x" amount of revenue, what is the cost in extra village services and loss of revenue to other taxing bodies?
Posted Sunday Feb 11, 2007 20:26 #
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