Let me chime in and say that after careful study and consideration, I completely agree with Ed's conclusions. Furthermore, let me say that I have looked closely at the Village's current and projected operating budgets and the picture that is painted is not pretty. The Village's financial health is rapidly deteriorating and will reach alarming levels in two to three years. This situation is directly related to the deteriorating real estate and sales tax base within the Central Business District. If this situation goes unchecked, the village's alarming dependency on residential real estate tax revenue will increase to the point that average, middle class families will no longer be able afford to own a home in Riverside because of rapid escalation in residential real estate tax bills. The TIF is the best and most effective tool at the Village's disposal to prevent this draconian scenario.
I make my case for the TIF on the basis of economics because it is the argument that should resonate the most with most, if not all, open minded Village residents. However, I happen to think that the TIF will generate many other benefits to the Village, although i readily admit that my views of how to "improve" the Village might differ from that of others. I do think that the physical condition of the building stock in the CBD is rapidly deteriorating and is not up to the standard set by the housing stock in the rest of the Village. The status quo is not acceptable in my mind. The TIF will not only create an incentive for redevelopment of this stock but also give the Village the leverage to have a say (beyond the say we already have through our building codes and ordinances) in the look of this redevelopment to insure that this redevelopment is compatible with the look and character of the village.
In addition to the above, a successfully implemented TIF could provide the Village with funds to make badly needed infrastructure improvements, better maintain and enhance landscaping and the treasured green spaces in the Village, and create a windfall for the school system's operating budgets and potentially provide significant dollars for capital improvements at Central and Hauser (the latter would require a modest alteration to the borders of the TIF district). I encourage everyone to carefully study this matter (attend meetings, read the TOD and draft plan etc.) and I am convinced that most open minded Riversiders will come to the same conclusion as I have about the TIF.
In my mind the TIF is an idea that should have been implemented in Riverside many years ago. However, it is not too late. A TIF will enable us to keep a greater share of our real estate tax dollars in Riverside to be reinvested for the betterment of our community rather than going to all the "outside" taxing bodies that take a big share of our real estate tax dollars (i.e. all of those entities that are listed on the left hand side of your tax bill like Cook County, Triton College, Water Reclamation District, Mosquito Abatement Authority etc....) While studying the matter, please make sure you are aware of the FACTS. Unlike what is stated in some parts of this web site, the TIF :
1) WILL NOT put at risk the town's green space. Please see legal opinion posted on Village's web site and study state statutes on the TIF which stipulate that it is ILLEGAL to develop green spaces that have been designated as such on a Land Use Map.
2) WILL NOT divert significant amounts of money from our local schools. This calculation has many variables that need to be considered, but my conservative calculation is that District 96 would lose less than $50,000 a year, on average, over the life of a 23 year TIF. Conversely, the potential upside for the school's operating budgets is significant and Central/Hauser could also benefit from TIF capital improvement dollars if slight modifications are made to the TIF boundary. Just for those who are wondering, I do have a daughter who was a recent graduate of district 96, a son who currently is enrolled in district 96, and will have another son in kindergarden next year.
3) Lastly, the TIF WILL NOT leave village residents holding the bill if the TIF does not succeed. The Village Board has committed to a pay as you go approach with the TIF. This means that developers will receive future TIF benefits only after they have completed the redevelopment and this redevelopment has generated incremental EAV growth and therefore increased real estate tax revenue for the Village. At that point, the developer will receive only a FRACTION of the INCREMENTAL EAV they create for a finite number of years whereas the incremental EAV will generate increased revenues for the Village for a much longer period of time. Under this approach, no General Obligation bonds will be issued and therefore the risk to the Village is minor.
Posted Friday Dec 15, 2006 11:22
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