Tuesday, June 15, 2010

Tsk, TIF

Another example of another failed TIF. WHO thinks these are a good idea?  YOUR elected officials gambling with YOUR money.  The Trinity River Vision wants a 40 year TIF.  How long was the Radio Shack TIF?

WHO will be around when YOUR kids are paying for something else that fell apart and didn't go as planned?

Read an example in the Fort Worth Star-Telegram

Two years after the civil courts building was scheduled to be demolished, Tarrant County officials say they don't have the money to raze the monument to bad 1950s architecture and give the historic courthouse some breathing room.

Another factor is the loss of funding from a tax increment financing measure connected to the former RadioShack campus, Whitley said.

"The TIF was supposed to do two things: RadioShack was going to spend $9.8 million in improvements bringing utilities over there," Maenius said. "Part of what we were to receive compensation for was to help us with the acquisition of the Technology Building from RadioShack and part of it was to generate enough money to take the old civil courts building down."

Under a new incentive package that goes before the City Council today, the TIF agreement would change to pay RadioShack $4 million more over the next five years.

No comments: