Saturday, March 8, 2008

Urban renewal riches

- that from the Tribune - in an articleCounty could get share of PDC funds.

I am going to assume that everyone knows that PDC does not have riches. PDC is in the unique position of collecting property taxes in an urban renewal area for the benefit of that area. PDC is a trustee for those funds.

Moreover, it is not to be a slush fund so to speak for the politicians to allocate as they desire. Clearly, people like Commissioner Sten would disagree.

But please - point me to any statute or precedent that permits an allocation of tax increment financing funds (TIF) to other than projects within the particular urban renewal area.

It is ‘headlines’ or article titles like “County could get share of PDC funds” that only misleads the public in their understanding, or lack thereof, of urban renewal.

Keep it accurate.