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05-08-07 Redevelopment Commission Minutes
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05-08-07 Redevelopment Commission Minutes
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5/8/2007
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05-08-07 Redevelopment Commission Agenda
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Sor_rth Bernd Redevelopment Coninii sior1 <br />Rescheduled l e ula.r .Meeting .....May 8, 0( <br />6. NEW BUSINESS (CONT.) <br />D. Sample-Ewing Development Area <br />(1) continued... <br />Mr. pee kowsk] rioted that we do socni to be <br />admitting that this area is not able e t pay its <br />dept service ----it's a losing proposition. Mr. <br />Inks responded that the city has spent a lot of <br />time braying property, demolishing property, <br />taking assessed va]LIC temporarily off tyre to <br />rolls until we can create industrial parks, <br />create new buildings, and, hopefully, add <br />more assessed value than what we took off. <br />At this point it does lia c a ne ative real <br />proper. -ty increment and cannot niece its debt <br />service requircmtints by itself'. <br />Ms. Jones asked i i' most '_1'TF areas is llo w this <br />pattern. MF. Inks responded that they do. <br />Mr. Laurent noted that SEDA is the only TIF <br />area that is primar =ily old industrial property. <br />In the beginning the city has to part a <br />significant aniOUnt of money ire. The return <br />on the city's investment is at the end. The <br />city's money has to go in first. <br />Mr. Irks noted that Erskine Village was <br />brownfield site with the landfill off o.f West <br />Ireland. The cycle was much. quicker dowry <br />there because there was a developer in hand <br />at the time we were taking care of the site. <br />Buildings were acquired mostly by the <br />private sector, then demolished; assessed <br />value was lost, but folio Ing right on the <br />heels of that was private sector investment <br />that vastly surpassed what was last In the <br />demolition there. This was a much qUicker <br />time frame, but what we are doing in SEDA <br />will follow that pattern. <br />26 <br />
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