By: Diane Benjamin
This TIF was started in 2016.
It shows it’s first income of $1,552. Expenses to date charged to the TIF have produced a negative fund balance of 119,273.
Since only $21,713 has been spent according to the report – sidewalks – the negative balance is likely caused by something I’ve never seen before. The value of the properties in the TIF have DECREASED since 2016:
The $1,552 in property tax increment revenue must be from one location in the TIF.
Front Street is in this TIF – right east of the Coliseum. The Coliseum was sold as “saving” downtown. Laugh now.
Downtown East Washington St
This TIF was started in 2018.
It shows ZERO income to date, yet the fund balance is (203,054).
$88,477 of that negative balance is because of:
$110,759 went to:
Another $3,819 went to fence and debris removal.
$1,300,000 is planned for the developer of the old Junior high. As of 4/30/19, the report shows no money has been spent by the developer.
Why did the City buy 404 E. Washington? PDF page 14 claims it is adjacent to the old Coachman Hotel site. The City plans to market the two together. It is not on the market now, maybe by next decade (or the one after). Nobody is buying the Main street property that we’ve been told.
PDF page 11 shows no increase in the EAV.
Se PDF page 14 for more information.
Since these three are so successful (cough), the City may be forming another one: https://www.cityblm.org/doing-business/economic-development/tax-increment-financing-tif