COMPLETE DOCUMENT:Â sanford-TIF
Pay close attention to this map that shows where the improvements will occur.
Historically the city has not utilized a TIF to pay for infrastructure costs associated solely with private development (i.e. it doesn’t clearly meet the definition of being public). With this TIF however that isn’t the case. The very southwest corner of the development is very private in nature and will include retail and commercial development. What is the true need for the TIF to cover the costs of this infrastructure and how is this retail / commercial development any different than those elsewhere throughout the City?
By allowing this the City has truly set a precedent for developer requests in the future.
Utilizing this incentive when it is clearly needed is a good thing for the city and the parties involved. By utilizing it for a project that does not need it – it then becomes an entitlement. That is a slippery slope to go down and jeopardizes the relationship the City has built in the past with the County and School District (other taxing entities that are impacted by the TIF being established).
What is missing is the development agreement between the City and Sanford for the reimbursement of the increment identified in the plan. The Economic Development department may not have the document completed yet. It may not be completed yet because of the several negotiations that have to be held yet.
This document will outline who is paid for what and when.
Let’s estimate there is $9M in increment with approximately $500K coming in annually.
• Should Sanford be paid for what they have done first or should the City be paid for the project they have completed?
• Can that be split so that both get something without one having to wait 5 years before seeing anything?
• Given the fact that the NEED was not justified, one would think that the City could be reimbursed first for the work that will be completed to the Sports Complex.
This has been a point of contention with the project, maybe that is why the document hasn’t been completed yet. It will be a public document so we will wait and see.
The last five major private projects in Rapid City ( 1 million and over) have been financed by tif districts. Just call it ‘developer relief.’
You’d think after throwing Sanford a bone, either sanford or the city would pony up and see to it the huddled masses have a chance to see a fireworks display this year.
I encourage everyone to also check out Jennifer Holsen’s post on TIFs. It is a good explanation of how TIFs work and adds to this Southdacola post.
jenholsen.blogspot.com TIF’s – Quantity vs. Value Added, dated April 21, 2012
These are public documents.
The 5 TIF Districts created but not on the city’s website are:
#11 Bancroft Place Partners LLC (housing across from Redlin Elementary School created in 2011)
#12 8th to North of 4th between Phillips and Main, excluding 1/2 block east of Phillips from the Albert House to just north of 4th. This district was created by terminating TIF District 8 above) created in 2012
#13 Raven Industries created in 2012
#14 Hilton Garden Inn/River Ramp Demolition created in 2012
#15 Sanford Sports Complex area created in 2012
Some of these projects, such as Bancroft Place, have already been COMPLETED!!!
WHERE ARE THE PUBLIC DOCUMENTS???
Here is a city that does it right. They explain what it is, and who has the RIGHT to know about them. I guess we here in SF do not need to follow any stinking rules.
http://www.ci.schaumburg.il.us/EDevel/EDev/Pages/TaxIncrementFinancingExplained.aspx
Are TIF plans and expenditures public?
Of course. When a TIF is established there are numerous legal requirements designed to insure the public and also other local taxing bodies are informed. Public hearings are held and all expenditure decisions must be made in public by local elected officials charged with representing the community. All documents pertaining to a TIF are available through a Freedom of Information Act (FOIA) request.
And in the case of TIF #11, they need to make the investor list public as well. The public has every right to know who it is doing business with.
I’m a simple man. Public money is meant for public benefit andespecially for immediate needs. Commercial interest is out of the question unless it creates jobs and the city gets paid back with interest. This is information you’d never get from other media because KELOland is a distant universe and the Argus is ass wipe for citizens who living minimum wage. I’m simple and I like Poly’s idea of paying for fireworks.
ST – Would agree. I inquired a city councilor about this today. I think it would be hard to track though. But let’s just say, if the Mayor didn’t sign the TIF #11 agreement, it is safe to say that someone in his family was an investor. Maybe it was SanfordKylie?
FYI – SCOTUS has ruled that commerical enterprises are also “the public” and doing for them is part and parcel of doing for “the public good” (see Kelo vs…….).
And not only that – corporations are people too, my friend(s). So says the SCOTUS.
What a joke.
Did you just refer to the Mayor’s daughter using her Twitter account? #ThingsWeLoveAboutSouthDaCola He’s relentless.
Huh? That is her twitter account.