I can’t believe hikes in taxes are even up for discussion. Consultants estimated one option for renovating City Hall – including upgrades to the heating and cooling system, plumbing and fire protection system, among other things – would cost $3.7 million. City Council members also are exploring spending $7.5 million on renovations, with $5.5 million…
Tag: TIF
New TIF Video Lays Out the Issues
This is from WBEZ so is Chicago-centric; nevertheless it’s a useful way to look at Tax Increment Financing districts and features three TIF experts. Bonus: Ben Joravsky’s latest, a look at the DePaul Basketball Boondoggle. The mayor says it will cost at least $55 million to buy land for [a hotel] project and the money…
Mercer County & the Role of Transparency in Good Government
Illinois’ Mercer County lies south of the Quad Cities and comprises part of its metro area. Perhaps you’ve heard that the county’s treasurer, Mike Bertelsen, has been arrested and charged with stealing at least $13,000 from the county’s 911 Fund, the result of investigations that followed a forensic audit in the county office. The Illinois…
Video Excerpts from August 12 Council Meeting
*Update 8/22: City IT director Jeremy Alexander notified me early this morning that an encoding error is the cause of the audio glitch. They expect to have the problem corrected before the end of the day.* It has come to my attention that the audio portion for much of the August 12 city council meetings…
Remarks from the TIF Public Hearing Last Night
The Chronicle covered the public hearing on the proposed Sycamore Road and South Fourth Street TIF districts last night. The article seems a bit short but I’m gratified to have been quoted. Three of us spoke at the hearing: Kerry Mellott, Mac McIntyre and me. If you did not observe Mac’s and Kerry’s contributions, let…
Central Area TIF Public & Private Investment Totals
If one of the indispensable purposes of Tax Increment Financing (TIF) plans is to spur private investment in a given area, the Central Area TIF District is a failure. Today I received copies of Central Area annual reports for fiscal years 2011 and 2012 in response to a Freedom of Information Act request meant to…
Of DeKalb’s Newly Proposed TIF Districts, South Fourth Would Be a Pill
DeKalb is considering implementation of two new Tax Increment Financing (TIF) proposals for Sycamore Road and for South Fourth Street. The public hearings on these plans are scheduled for August 12. The Sycamore Road plan is small, targeted, and clearly ends with tax-paying private businesses. The South Fourth plan speaks vaguely to buying up private…
Map of Proposed South Fourth Street TIF District
Zombie TIF and Other Notes from Last Night
DeKalb’s city council met again with DeKalb’s financial consultants, EPI/Crowe, to consider the latter’s latest report and recommendations. The most important information to pass on to you is that the consultants told the council, at least twice AND in so many words, that the city will enter another financial crisis within five years if it…
As We Head to the Final Vote on the Budget
DeKalb’s expenses are outpacing revenues: The city will spend at least $30 million from its general fund, a 5.4 percent increase from this fiscal year. The city’s general fund pays for city personnel, equipment, and contractual services. The city is projecting $31.1 million in revenue for fiscal 2014, a 4.2 percent increase from this fiscal…