Ogden TIF 6/22/10

[buzz]

I made it to the BDC mtg.
Only 9 people in the audience.  Only 3 alderpeople present Boyajian, Laureto, and Chapman.
They passed out another map but this one was more clear, utilizing different colors to highlight the areas.  Ted was correct.  The TIF ammendment covers the entire block on Harlem, from White Castle to 36th St.  There was some non-specific/nonsense about possible alley improvements, but the $$$ are intended for non-residential use.
Some history.... the Ogden TIF was created 18 yrs. ago with an allocation of $6 million for 23 yrs. total.  There is still a reserve but, with this ammendement to include these new properties they are also ammending the ceiling to $40 million.  Supposedly to adjust for inflation and guarantee funds are available to complete future projects.

Do the math.  That's $34 million for the 5 yrs. remaining.

There is nothing definite for Anderson Ford.
The construction at the old Berwyn Finer is because the City cited them for multiple violations.  It's still owned by the same Dr. (forgot his name) that bought it 2-3 yrs. ago.  His deal with Blackstone/Vanguard/MacNeal to open offices is probably dead.
The actual meeting was less than 20 minutes.  I learned most of this afterwards.

That's all folks !!!

[Ted]

 Buzz,  thanks for the write up.  I wish they would hold these meetings later in the evening so that more residents can attend.

 I find it odd that they would extend the TIF up to 36th street to include the Moose Lodge and other non-commercial buildings.  

Something smells fishy there.  TIF money is not used to fix alleys.  And, despite what the said, there has been precedent of TIF money being given to a non-commercial entity (e.g. D100 getting TIF money to fix up the La Vergne Center).

Anyone wanna bet that next year the Moose Lodge gets some of that $34 million in TIF money.  I wouldn't put it past the BDC to pull a stunt like that.

 Ted

[Thor]

Yes thanks Buzz for the write up.
The Chicago Reader had a pretty interesting article last week about how the schools in Chicago are now requesting a piece of the TIF pie. Or if they can't get money that way they will request a rewrite of the rules so that schools are not part of the TIF tax money grab.

[Homebody]

TIF money has gone to fix alleys. The alleys behind commercial properties on Ogden were done. I believe you can use TIF money to do sidewalks, alleys and the like in the commercial zones. Marge