Quote:
|
Personally, I would like to see the northern side redeveloped. From the midget market, Deseret Industries, all the way down to just north of Capital would be a good starting point. What do you think?
|
I agree with you, actually with those exact boundaries.
Quote:
|
if the IF city council decides to include downtown as part of the redevelopment area, what kind of growth or redevelopment will take place down there?
|
Are they considering this now?
I questioned the head of the IFDDC in April about why Taylor Crossing was an Urban Renewal District and why Historic Downtown was not. She stated that tax increment financing only works with new development because when you create such a district the assessor gives each property a base value. Then as property values rise the district is given a portion of the taxes above the base value. Essentially it was determined that Historic Downtown is stagnate valuation wise and until new development comes into the area tax increment financing would not produce any funds.
I think Historic Downtown is a chicken/egg problem. There is plenty of surface lots that could be developed, however it would require a parking structure to encourage infill development in that area. On the other hand. A parking structure is dependant on monies from tax increment financing.
I worry that Historic Downtown has a rough row to hoe as more and more business will follow others that have moved across the river into the new developments.