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First, I think you know this, but just to be sure - RTA funding is state TIF, not City TIF.But none of these comments really answer the question we asked. Yes, the stadium is getting state RTA funds, but that has little to do with local TIF funds. And yes, we all understand that TIF funds go to public infrastructure, but that hasn't changed since the mayor made his comment back in 2015.
Second, that question, in context, referred to economic development incentives that are sometimes directed to projects to encourage businesses to locate here, large stores to locate here, etc, and that are approved by Council. That is not the case here. There is no economic development incentive here over and above the existing URA considerations, which are the same that would be available to any developer or business that chose to build in this blighted area.
Finally, it’s worth noting that URA funds are not used for the projects themselves, but are dedicated to infrastructure and improvements surrounding these developments. This is nothing new, and the URA zones were drawn as long as 17 years ago – long before the State created City for Champions.
To be clear, we need to know if the mayor will seek to have a vote of the people for “local tax increment financing” for the stadium/arena projects. This is what he said at the forum, that if “any city tax increment” is used, it should go to the voters. Will he stand by that comment and seek a vote of the people if city tax increment financing is used?Fabos responded: "Already addressed in statement."
Your response did not address the question. The question is about the mayor’s statement that if local tax increment financing was used for the stadium, it would be put to a public vote. This is what he said at the mayor’s forum. Your statement doesn’t address whether the mayor wants to see a public vote on the tax increment financing of the stadium.It took a day, but Fabos responded with this:
This money from the local tax increment is general fund money that, through the URA, would be diverted to public improvements for the project. Without URA TIF designation, that money would go straight into the city’s general fund.
What you are asking by suggesting a public vote, is for the mayor to redefine the URA boundaries to specifically exclude this project by vote. URA boundaries are not set by vote under state law, so the suggestion is impossible. What the mayor was stating in the debate was that he didn’t foresee providing economic incentives prospectively to fund the stadium. He did not mean to suggest that URA law would be overturned specifically for this project or that the public could extract portions of an existing URA zone by vote. This is supported by Section 7 of Resolution 10-15, which specifically excepts URA TIF from any requirement for a vote. The resolution is attached here.So, basically, no, the mayor will not seek public approval.