Monday, September 17, 2012

TIF Fact #1 --- We've Been Bailing TIFs Out For Years

I sent the following email message to all City-County Councillors, select media representatives, and Senator Luke Kenley.
Marion County TIFs have been getting bailed out for years.  Over the last 4 years the City-County has pumped $40.5 million dollars into TIFs beyond what they took in from property taxes on their own.
  • $1.2 million from Local Option Income Tax
  • $6.1 million from garage operations receipts of city-owned garages
  • $16.6 million transfers from consolidated downtown TIF and airport TIF to other TIFs
  • $16.6 million in additional property tax levy to the County as a whole
  • __________
  • $40.5 million 
Did you ask for the financial analysis that shows how the expansion of the downtown TIF will not require future bailouts?
The Council should demand full disclosure before Prop 15 or any other TIFs are considered.  Otherwise you won't know what you are voting on.
Citations: City-County budget ordinances Prop 09-321, Prop 10-234, Prop 11-241, Prop 12-285

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