Waller Creek Flood Tunnel & Trail Update Thread

[M1EK]

Originally Posted by JAM

Myomi, I would venture a guess that your right on the TIF not paying for it all, but that could also be dependent on development that occurs. If it is high density development that has big property values, it seems quite a bit more dollars could be collected via the TIF. (Milago, Legacy, Shore, 2 upcoming hotels) I don't know why the 4 Seasons didn't get grouped in, it's as close to Waller Creek as Milago. If it is low density, old shacks being converted into bars, then they probably won't contribute nearly as much. So the trade off city officials have to decide is do they want TIF $ to fund this development or sales tax dollars. My loose theory is if you let too many bars start piling up in any given area and it may deter investors who may otherwise want to develop the land for high density condo use because the investors are worried it would kill their best potential client base, which is older, higher net worth individuals - they make a property far more lucrative to investors. But these older, higher net worth people may not want to put up with the drunks and the development will never get off the ground. If this theory comes to fruition then it would be hotels and apartments that contribute the most to this TIF zone. I'm assuming sales tax dollars don't get TIF'd but don't know that as a fact. Regardless, property tax is much easier to collect and forecast.

You're not looking at the TIF the right way. Existing and short-term planned developments are irrelevant; the TIF is supposed to collect extra value from developments that were not possible without the project (i.e. future development in what is now floodplain). Milago, Shore, 4Seasons, etc. all are outside that floodplan (not even close to it for the most part).