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Thread: Tax Increment Financing District..

  1. #1
    God/dess whirlerz's Avatar
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    Thumbs down Tax Increment Financing District..

    Or, my acronymn: Taking It (up your) F**in' A**.
    We're having a referendum in a week to vote on this, but as one of the only sane officials in my area has said, "it's a 'done deal'". @ the heart of this, (& also stated by above) is another official expanding a municipality. Meanwhile, business & homes are going to be (& have been) pushed out, some going back more than 50 yrs. Where I live, supposedly is 'safe'. But. I'm sure they'll get around to kicking us out. No one that wants to get out around here can sell, more than a dozen of my neighbors are trying to sell, but can't due to the upcoming TIF, and also can't compete with the property owner, who's putting in new homes & selling them to the few clueless out there


    MANY MEN WANTED TO LAY ME DOWN, BUT FEW WANTED TO LIFT ME UP

    -Eartha Kitt

  2. #2
    Banned Melonie's Avatar
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    Default Re: Tax Increment Financing District..

    Ah yes, Tax Increment Financing, the most politically correct method of 'Urban Removal ... oops, Renewal' today. The primary business beneficiary loves it (they get tax abatements or infrastructure improvements essentially for free). The developers love it ('free' bond money thrown in their direction pays for new construction), the upper class love it (their urban property values within the TIF zone go up), landlords love it because the increased assessments / property taxes after redevelopment allow them to raise rents. But of course those inconvenient average income residential property owners and renters and the mom and pop small businesses wind up being 'priced' out of the 'gentrified' redeveloped neighborhood as property and sales taxes increase, and many are forced to move elsewhere - at which point their 50 year old house or storefront can be demolished to make room for a more upscale retail outlet or a luxury apartment building to be constructed with a second 'round' of TIF money.

    California and Illinois have refined TIF 'Urban Removal' to a fine art over the past few decades, to the point where property pricing, higher assessments, and vastly increased taxes in even the 'ungentrified' areas that are adjacent to the 'gentrified' TIF areas are now unaffordable for average income property owners and renters.

    I case anybody isn't familiar with this particular tactic, check out

    All I can say is ... my condolences. The rich get richer.

    !
    Last edited by Melonie; 10-29-2006 at 10:27 AM.

  3. #3
    God/dess whirlerz's Avatar
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    Default Re: Tax Increment Financing District..

    hey, thanks, Mel. You summed it up very well. I will check out the link..


    MANY MEN WANTED TO LAY ME DOWN, BUT FEW WANTED TO LIFT ME UP

    -Eartha Kitt

  4. #4
    Jay Zeno
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    Default Re: Tax Increment Financing District..

    And then again, sometimes it works, creating an urban district that encourages mom-and-pops to build and/or renovate where they couldn't afford to before, thus keeping economic development alive, enabling an urban center to compete against the malls, and providing for a more successful and viable area. It doesn't have to be bad.

  5. #5
    God/dess whirlerz's Avatar
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    Default Re: Tax Increment Financing District..

    Well, if you lived here, you'd see it for what it is, which is exactly the way Melonie & I explained it. Maybe some people don't mind being jobless & homeless but around here we do.


    MANY MEN WANTED TO LAY ME DOWN, BUT FEW WANTED TO LIFT ME UP

    -Eartha Kitt

  6. #6
    Jay Zeno
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    Default Re: Tax Increment Financing District..

    I'm not denying that, whirlerz. I'm just saying it's not all bad. I've seen a number of places where it's worked quite well to promote economic development and job creation.

  7. #7
    God/dess whirlerz's Avatar
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    Default Re: Tax Increment Financing District..

    Ok, sorry, I get a little "hot under the collar" about this. I'm sure it may do some good for some areas. But, I watch on tv the hearings about it, I see people who have homes & businesses (one heating place that's been here since the '20's), & trust me, they are so getting the short end. Meanwhile, no one in my area can really sell & get out due to all this.


    MANY MEN WANTED TO LAY ME DOWN, BUT FEW WANTED TO LIFT ME UP

    -Eartha Kitt

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