Down the Road

Imagine, a TIF (tax increment financing district) that didn't live up to its expectations or projections.  No, not the Trinity River Vision, everyone but the project "leaders" know that won't happen.  We're talking down the road from there, in Keller.   Read about it in the the Keller Citizen.  Then ask the TRV project "leaders" to read about it too.  Someone should ask the Fort Worth Star-Telegram what the difference is too.

So, WHO pays?  And WHO benefits?  Be sure and read the comments on the article, if you live in Tarrant County, YOU can't afford not to.

The tax increment financing district was created in 1998, and the city borrowed about $33 million to fund construction of Town Hall, a natatorium, streets, a lake and other infrastructure in it. Officials anticipated that tax revenues within the district would pay off the debt. Projections were that the district would attract development that would generate $29.7 million in tax revenue by last Sept. 30. Instead, the district brought in only $17.8 million, O’Leary told the council.

“You’ll see how substantial these numbers are, in terms of what the community has to subsidize to keep things afloat,” he said.

Compounding the financial problems, overall property values in the district fell for the first time this year, dropping 9 percent, O’Leary reported. "The value now is about $12 million less than it was a year ago," he said.