Wednesday, January 16, 2013

Different Funding Mechanism To Be Proposed for Avondale-Meadows Area

Councillors Steve Talley and Leroy Robinson will introduce a proposal to the Council on January 28, that will include alternate funding to substitute for the failed Avondale-Meadows TIF proposal. 

The Metropolitan & Economic Development committee tabled indefinitely (AKA - killed) Prop 349 Monday night.  Prop 349 was passionately presented and championed by Councillor Christine Scales (see "Case for Meadows TIF")  That proposal included an expansion of the Fall Creek TIF to assist the Avondale-Meadows area in attracting a grocery store.  The TIF would exist for 25 years, even though the grocery store project bonds likely would have a term of only 10 years.  Deputy Mayor for Economic Development/Director of the Bond Bank Deron Kintner, doing financial calculations on the fly, estimated that the $3 million bond would take $10 million to pay off in 10 years.  Why a bond would have to have these terms is totally beyond reason - but that's what Kintner said.

Talley and Robinson, who voted against the proposed TIF, will introduce a proposal with alternate funding to meet the goals of the Avondale-Meadows area residents to attract a grocery store - which is absolutely critical for the residents to have available healthy, normally priced food.  They are now subject to the absurdly high prices and paucity of fresh food from convenience stores and the like.

I look forward to reviewing the new proposal once it is introduced.  And, I am glad that something is being done to provide the good folks of the Avondale-Meadows area with critical tools to lift up their quality of life.

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