The status of the Leisy-Pabst TIF project is pretty much stagnant at this point. As the national economy has been impacted, so has any interest in starting such a project. We are sending out RFPs (Request for Proposals) on a national basis over the coming weeks, in hopes that we might find the right developer at the right time, but clearly this is likely not the "right time" for most developers of any significance.
Obviously, this is a disappointment. I had hoped that we would have a plan in place by now, but I don't think many of us saw what was going to be happening to the stock market; banks; lenders; and on and on, over the past several months.
The TIF area still has a great deal to offer to a developer. And, the reason the TIF was put into place was because it really is our last area of development above the hill that won't significantly impact the neighborhoods in a potentially negative way. We still will be pushing for the Cohen's Building and surrounding land to include good commercial, residential, senior housing, and teen and senior centers. The beauty of the TIF is that for a developer to potentially tap into the TIF funding, he/she will have to have the plan agreed to by the Board of Trustees. That way, we WILL have some control as to what goes into there.
This is not a huge TIF area by any stretch, but it is still a potentially large investment on the part of the developer(s). Rest assured, we will continue in our attempts to bring in an acceptable and promising plan for the area. Be additionally rest assured that the TIF will NOT raise Village taxes at ANY time. Because the concept of a TIF is confusing, it is an easy mark for those wanting to mislead voters with false statements, etc. regarding the same. As always, if you have any questions regarding the Leisy-Pabst TIF, or TIFs in general, please call me at 686-2385.
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