http://rblandmark.com/main.asp?SectionID=3&SubSectionID=17&ArticleID=2542&TM=78678.16
Move forward with Riverside TIF
Thank you to all that voted. I am glad to see that the Riverside voters have had a chance to voice their opinions. It is unfortunate that this non-binding TIF referendum didn't pass.
There is much misinformation out there. The village trustees have been patient, but now it is time to move forward. Please be reassured that TIFs are good tool. For those who were and still are opposed to the TIF; I offer this for support and information for all residents.
Riverside has lost a lot of business, and some say let's wait, evaluate and see what will happen in the short term and long term. How long is short term, and how big of property tax increases do you want? According to the Village of Riverside advisory referendum, and please take time to read it, you would have $160 per year increase with a TIF and $300 per year without the TIF.
According to the U.S. Census Bureau the median age in Riverside is down as compared to previous years. .
As such, downtown Riverside definitely needs some redevelopment that meets the needs of the younger populace in a cohesive manner.
I have news for all of the antagonists-if we are to attract quality real estate developers and desired retail tenants, they need to see the business opportunity that bears reasonable profits. Otherwise, this redevelopment won't happen.
And, come on people, not a lot is happening downtown right now, except for maybe a couple condo buildings that, frankly, appear to be languishing with no good retail and certainly not accretive to our community.
Is that what you want-a project here and there? Or do you want an orderly and cohesive development for our downtown? I have heard people say that they want quality development and tenants, but don't want to pay for it. You can't have it both ways. If you find that free money tree, please plant one in my backyard.
We also need to solve parking problems, and that takes money. If you think we are alone, TIF was necessary for the redevelopment of downtown Park Ridge, Barrington, St. Charles and Oak Park-all communities that have a lot of similarities to ours. Why is it that Riverside residents have difficulty voting for change when it is all positive?
In order to be educated on this, I searched the Internet for information on TIF.
The site I found most useful was the Illinois Tax Increment Association (www.illinois-tif.com). The website lists and answers 22 common questions about TIF, including whether or not schools lose money as a result of TIFs.
************** From that very same site, thanks Julie Laube for the info....
http://www.illinois-tif.com/TIFpro.htm#qual
Philip R. McKenna
Kane, McKenna & Associates, Inc.
150 N. Wacker Dr., #1600
Chicago, IL 60606-1607
312-444-1702
pmckenna@kanemckenna.com
&
Michael Laube, President
Laube Companies
200 S. Wacker Dr., Suite 3100
Chicago, Illinois 60606
(312) 674-4537 direct
(312) 275-7474 fax
mlaube@laubecompanies.com
Currently there are 47 states that have TIF. Illinois law also has the most rigorous/strict "but for" test.
Do TIFs divert money from schools? If used properly, the answer is no. The village board must make a finding in order to establish a TIF district or enter into any "business deal" with a developer that if TIF is to be used, "but for" the TIF, the project would not occur. TIFs actually can create money for schools-research it for yourself.
********* at the TIF Association of IL website!***********
There are many short- and long-term benefits for the communities-no huge tax increases, increased property values, new development, municipal control and incremental revenue to the community. (VILLAGE)
I urge the trustees to lead us and move forward with this TIF.
Julie Laube
Riverside