Michael,
You have the right theory. The TIF strategy of the mayor is based on
"trickle down" economics. "Eventually" the TIF projects will increase the
property tax base and generate taxes that wouldn't have been there
otherwise. However, there is a long waiting period - up to 25 years - that
these TIF projects are unavailable to be part of the property tax base for
schools. As it is working out, "eventually" may never come for most of
these projects, so they will be net losers as far as adding to the property
tax base. If TIF "reform" further reduces commercial/industrial property
taxes, then there will be far less of a base in the future to pay for
schools.
Right now the present administration's policies are "lose - lose" for the
taxpayers of the city.
Gene Martinez
Minnehaha, Ward 12
-----Original Message-----
From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On alf Of
Michael Atherton
Sent: Wednesday, June 13, 2001 4:11 PM
To: [EMAIL PROTECTED]
Subject: Re: [Mpls] School Funding and Taxes
If the assumption above is valid, then while we are facing
a school budget shortfall, why are some people lobbying
to maintain TIF financing for the NRP (the city's agency
of superfluous projects)?
Michael Atherton
Prospect Park
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_______________________________________
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