A Different TIF Process

Below is a TIF process that is a far different process than that used in Stoughton.  Stoughton's negotiations seem to be done in secret.

We have tried and tried to get the council to review other TIF policies and formats for doing TIF developments.  The city under Adler Lawrence has refused to do what the council directed years ago.  Now 5 years after the KPW fiasco the city is slowly moving to review and modify it's policy.  And it should be noted the city does NOT even follow the policy it now has.  And the policy it now has is only for re-development not building on farmland.

The TIF requirements SHOULD be an ordinance NOT a policy and go through a public hearing process.  The city powers (mayor and pro-growthers) want a policy so it gets no review and can easily be pushed aside by any council on a given evening.

This is poor government.

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From:     Thomas J. Mertz <tjmertz@sbcglobal.net>
To:          Discuss PD <pddiscuss@prodane.org>
Sent:      Sunday, June 28, 2015 9:20 AM
Subject: City, JDS Development negotiators produce basic terms of a deal for Judge Doyle Square

Financial terms include:

A private investment by JDS of at least $130 million. City funding to replace Government East parking of $19.2 million and city capital funding for the bike center of $1 million. City investment of $42.5 million in other elements of the project. That includes a $12 million grant to Exact Sciences to create and retain 400 jobs at the site for at least 12 years, a $20.8 million loan for private parking and a $ 9.7 million loan for the fair market value of the land acquired for the private development.

 The negotiating team also requests eight specific exceptions from city TIF loan underwriting policies and seven exceptions from TIF goals, objectives and process. The report also highlights areas still to be resolved, largely in the area of guarantees

Read more:

(click on the image)

Thomas J. Mertz
Department of History
Edgewood College
tjmertz@sbcglobal.net