Read the article about TIF's not living up to their hype or promises. The article that then goes on to tell you how much the TIF's should make. Wait, what?? Typical Fort Worth Way in the Fort Worth Star-Telegram.
It talks about the developers taking risks with TIF's, it doesn't say much about those that fund the TIF. Yes, it's YOU.
Notice how when they tell you about the Trinity River Vision TIF, they leave out the 40 years it spans (so far).
Does that mean YOUR kids will be sheep too?
Many projections for valuation growth were wildly overoptimistic.
For example, the tax increment finance district, or TIF, that covers east Fort Worth's Woodhaven neighborhood has lost overall property value for two years in a row. And a TIF that was started to attract a Cabela's sporting goods store to far north Fort Worth doesn't generate enough revenue to reimburse the retailer for bond payments tied to the development.
They typically stay in place for 20 years.
But he added, "Nobody predicted the loss of tax base two years in a row," referring to Woodhaven.
Cabela's was touted as a destination that would attract other development and millions of visitors. But there has been no other building.
The TIF, which was challenged in court by a citizens group, was set up to attract the Cabela's project at the northeast corner of I-35W and Texas 170. Cabela's said it wouldn't come to Fort Worth without it.
One of the more ambitious TIFs in terms of funding development is the Trinity River Vision TIF, which spans 3,980 acres from Northeast 23rd Street on the north and West Lancaster Avenue to the south, and includes Gateway Park to the east. The TIF proposes $320 million in spending.
The TIF currently carries costs associated with the Trinity River Vision project and has raised $8.4 million but spent only $2.5 million, the report says.
It started in 2003 with a base property value of $130.7 million.
That grew to $334.8 million in 2010, but expectations are that it could have a taxable value of $2.6 billion by 2044.
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