SALISBURY — The city of Salisbury is looking for creative ways to address debt and future finances, including establishing Tax Increment Financing (TIF) locations or the flexible use of bonding.
The City Council began a preliminary dialog with brokerage firm Davenport and Company, LLC last Monday, looking for long-term solutions and ideas on how to re-energize Salisbury’s economic drivers.
“The purpose of our conversation today is primarily education to discuss our future as it relates to our debt,” said Council President Jake Day. “We realize that we have a rather significant item in our wastewater treatment plant coming on very soon, and I thought that it would be wise for us to start to have some educational conversations about our debt and our financing structures and options into the future.”
There are a number of different paths that Salisbury could take, according to Joe Mason, a representative from Davenport. Currently, there are several different irons in the fire in terms of projects that could be used to re-vitalize and re-develop Salisbury’s downtown. There could be a window open for witnessing strong growth in the near future if the city chooses to be active in pursuing development, by Davenport’s estimation.
“Construction costs are still relatively favorable,” noted Mason, “as are interest rates.”
TIFs are one possible avenue that could be explored to give the downtown area a jumpstart. In layman’s terms, a TIF uses anticipated future revenue to subsidize the same projects that would trigger said revenue increase. Once completed, TIF projects, either private or publically initiated, are expected to raise the property value and therefore property tax revenue of the surrounding area.
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8 comments:
TIF means that YOU the tax payer will be paying someone elses taxes for them.
This is why you should not have voted for Jake Day and Jim Ireton.
Did you ever see Campbell, Cohen and Spies pushing for a TIF.
Face it people you screwed up when you voted for Fake Day and Jim Liarton. They are the local Democrat Homo's in Charge.
Why NOT? They have worked so well in the past! The projections of development all looks so Purdy in those fancy power point presentations! Those old mall plans worked out so well.
The only person that was capable of helping to solve Salisbury's financial woes was Joe Albero. If you look at the Mayoral candidates and compare their two economic platforms, Joe Albero was really the only choice for Salisbury citizens. What-a-shame for Salisbury and Wicomico. I knew this was going to come back around - like a boomerang.
They ought to buy a chariot and J&J can ride through the plaza throwing gold coins to the citizens.
It would cost less and be about as effective.
How's that Salisbury Mall thing working out, big spenders?
Beezer said...
The only person that was capable of helping to solve Salisbury's financial woes was Joe Albero. If you look at the Mayoral candidates and compare their two economic platforms, Joe Albero was really the only choice for Salisbury citizens. What-a-shame for Salisbury and Wicomico. I knew this was going to come back around - like a boomerang.
July 24, 2014 at 8:52 PM
I will agree with you considering they were the two candidates, but it would have to have been with the support of the City Council which should have included Debbie Campbell, Terry Cohen and Tim Spies.
I'm wondering if the same clowns behind the old mall TIF are involved in this one.
Something to keep in mind tax payers a TIF to be approved by the City of Salisbury also has to be approved by the Wicomico County Council.
Thank God for the outgoing Wicomico County Council for shooting down that TIF plan back in 2006.
Idiots, all!
Just more "government speak" designed to say a whole lot about nothing.
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