Major Error Over TIF in University City
this is a major screwup. Consultant should be tarred and feathered
The St Louis Contrarian
Providing Independent and Intelligent Insight on St. Louis Public Policy Issues
Archive for the tag “tif”
TIF In University City
NOVUS Development had been approved by University City to develop a mixed use commercial site at the intersection of Olive and I-170. This is an ethnically diverse area with lots of small businesses and minority residences. Community leaders are calling for a Community Benefits Agreement which would establish clear objectives to benefit everyone in the community especially those that might be displaced by the development. I believe this is only fair and proper in such a situation. I am confident this development will be a win-win. Written by Paul Dribin
TIF Reform
Legislation is moving ahead at the state level to reform the TIF process in Missouri. An interesting coalition of progressive and conservative activists have joined to help move this legislation ahead. The legislation will reduce the number of years of a TIF and give school districts the right to comment and opt out. A good start indeed. Written by Paul Dribin
Development Subsidies in St. Louis
The Post-Dispatch today headlined an article which stated that the City of St. Louis gave away through TIFs and tax abatement $30 million instead of $17 million. This article is not written to question the error but the huge amount of subsidies St. Louis provides to developers. I know the city is not by itself always a strong market, but the level of subsidies appears out of whack.
There is not enough targeting of incentives by the city. TIFs were intended to be used in economically distressed areas, not everywhere. When the use of block grant funds to write down development costs is added to the pile, the situation gets uglier. Efforts need to be made to make the development process easier and ease off of some of the onerous historic preservation rules. Written by Paul Dribin
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