After reading the recent Tribune article on TIF's.
Does Mr. Mayor think that TIF is a "pie in the sky" balloon filled with "thousands of dollar bills?"
We had to laugh...
Should Mr. Mayor be called "Dumb and Dumber...?"
The current economy is too shaky to have expanded TIF areas.
Let alone thinking of float any more TIF Bonds. If more New Albany TIF Bonds are issued, the debt payment could fall on the backs of the property taxpayers.
Have you ever heard the ole saying "Buyer Beware"...Don't buy Mr. Mayor's "crap" taxpayers.
They are laying the ground work for more BONDS!
Does this surprise you?
Mr. Mayor has stated in the past, "I think it's a false conclusion to say that TIF districts cause any fiscal harm to the taxpayers."
Boy, you sure haven't done your home work.
You need to pick up the phone and call the following people because we did:
Charlie Pride: 317-232-2521 State Board of Accounts
Gail Snyder: 317-407-2433 Indiana Department of Local Government for Floyd County
Where is this guy coming from? We're actually paying him about $93,000 for these bad decisions.
Good Grief!
Let's cut to the chase...shall we?
Let's give you, the taxpayers and our Council members some truth for a change.
We count 10 TIF Districts, not 5.
1. Downtown TIF
2. State Street Area TIF
3. Grantline Road TIF
4. Park East TIF
5. Charlestown Road TIF
6. Add on to State Street TIF
7. Add on to Grantline TIF
8. Add on to Downtown TIF
9. Main Street - Scribner Place TIF
10. Monon Corridor TIF on Grantline Road
Are we correct Mr. Mayor?
"At this time the Downtown TIF has NOT repaid the $3,613,698 back to the EDIT Fund."
A News Flash for you the Taxpayer's of New Albany. Are you aware the City of New Albany is $89 million dollars in debt?
Let us educate you on TIF's:
Tax Increment Financing (TIF) is an area with designated boundaries (like a circle) drawn on a city map and labeled as a TIF area. The taxes in that TIF area are frozen at the time the TIF area is approved. The current property taxes continue to go into the City General Fund and to the other entities (Schools, County Government and Library).
As new development is made on that plot of ground, those "new taxes do not go into the City General Fund" or to other entities (NA-FC Schools, Floyd County Government and NA-FC Public Library).
All those new taxes on the "new development go into an account for that TIF area only" for use in the TIF area for improvements such as roads and sewers.
That new money does not go to our City General Fund.
The need for extra Police and Fire Protection is increased, but new additional money does not come out of the TIF district. So the City Council has to find other ways to pay for all the extra services needed in those TIF areas including sanitation.
This may need to be done by cutting back on all departments throughout the city.
The burden of paying for the additional services is shifted to the other taxpayers!
With too many TIF areas, the whole city could suffer because services are spread too thin and there is not enough money to sustain them. The "new tax money is gone" that could have been used for New Albany General Fund Services.
Source: Indiana Department of Local Government Finance
Freedom of Speech would like to say:
* All Developers should pay for the Public Improvements they need to construct their own projects. Stop these damn bond commissions and these friggin feel good projects....
What Mr. Mayor doesn't get is this:
"The State Street Parking Garage TIF Fund still owes our EDIT Fund $3.6 million. If this $3.6 million was repaid to EDIT, those FUNDS could be used for streets, Stormwater repairs and Sewer over flow problems that should be Mr. Mayor's No.1 priority!"
We are not against growth.
What we property owners, don't understand is why we are being lied too.
Why can't Mr. Mayor, and Shane Gibson look the citizens in the eye and tell them TIF's affect property taxes. New tax dollars collected in TIF Districts are restricted and are NOT used to help hold down property tax rate.Tax abatements affect property taxes but most of all local government spending affects our property tax bills.
Should TIF's be considered Corporate Welfare? Should Developers pay for the needed infrastructure, themselves?
Absolutely!!!!
The bottom line is this, who are you going to believe property owners:
Indiana Department of Local Government Finance or Mayor Gahan on TIF's?
Our final thought is this:
We smell the LOIT Tax and Wheel Tax coming to New Albany in 2016 or before.....
