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Old 03-21-2010, 09:45 AM
 
27,442 posts, read 44,934,740 times
Reputation: 14035

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article in today's FTW paper about the development projects in Keller that involved some tax abatements from the city and are now falling on hard times due to downturn in economy...

Keller's dilemma: Make painful cuts now or pay more later | Mitchell Schnurman | Dallas ... (http://www.star-telegram.com/2010/03/20/2053797/kellers-dilemma-make-painful-cuts.html - broken link)

could be that the city that has receive lots of press in past few years for being progressive, dynamic, desireable is showing signs of same stress that other areas have felt

if the city is having to pony up more money--it will have to shuffle budgets around since tax dollars are probably dropping at least for 09, and likely 10
and from information in the article (which I did not really know about until reading it) because other tax authorities participated in the TIF--they also are coming up sort on covering their part of the obligation since the TIF itself did not generate enough tax funds to cover the debts--
Keller city managed to get ALL the benefit of the TIF construction efforts--new city hall, parks and rec enhancement--yet is required to cover only 20% of the debt--it outsourced 80 % of its obligation--to the Keller ISD, Tarrant county, Tarranty county community college, and the Tarrant county hospital district (JPS)--
which means that other tax authorities may have to increase assessment in some way or cut spending...

will be interesting to see how city council responds and other effects of the downturn
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Old 03-24-2010, 04:50 AM
 
Location: Keller
13 posts, read 68,481 times
Reputation: 13
Yes it will. I live in keller and my wife and I have been very happy here. Hopefully these costs won't just get deferred to us in some fun new taxes =/
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Old 03-24-2010, 08:20 AM
 
Location: Grapevine, Texas
54 posts, read 125,860 times
Reputation: 22
Tif?
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Old 03-24-2010, 08:22 AM
 
27,442 posts, read 44,934,740 times
Reputation: 14035
term is in the article...but
Tax increment financing - Wikipedia, the free encyclopedia
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