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orxth Bend l .e levelopniciit Commission <br />R schedule l RegUlar Meeting - -- -May s, 2007 <br />6. NEW BUSINESS of d'. <br />D. Sample- Ewing Development Area <br />(1) continued... <br />Ms. Kolata noted that EDA has a lot of <br />residential properties in the Southeast <br />Neighborhood and Rum Village <br />Neighborhood. It is possible that sonie ofthe <br />tax legislative that has beell given to home <br />owners has had a nccyative 1111p�xct as well. <br />TIF is based on net assessed value, not dross <br />assessed value. when the state l.e ] ICature <br />gives a homestead credit, the legislative <br />Challaes impact what each Individual <br />property owner pays and that also tales down <br />the total assessed value of the area. The <br />s, emie thincy happened M the West <br />Washi ton area. <br />.s. Kolata agreed that when you have a <br />large indUstrial project like S'EDA, your costs <br />are higher, and you can't start to develop it <br />until you get the cri.tieal mass of bare land. <br />Mr. Pcczkowski noted that SEDA. has been a <br />development area for fourteen years. Has the <br />assessed value ai vays been aoing down') <br />Ms. Kolata responded that the assessed value <br />of the real property has bccn marginal the <br />entire time. <br />Nor. Peczkowski asked if our predictions <br />were overly optimistle. Ms. Kolata <br />responded that, no, this is the only TIF Area <br />in the city that also collects personal property <br />increment. That personal property increment <br />is what has been providing the 111colne all <br />along. The personal property income is <br />basically the ethanol plant, thC Coe plant <br />next to it, and TJX. The real property has <br />7 <br />