EDC says redevelopment pipeline is all but frozen
Posted: Tue Mar 24, 2009 1:39 pm
Interesting article on development from Collison. Obviously things have come to a halt. Funk bears some blame, but a terrible economy and the credit crunch also played a huge factor. Another ominous sign - some rural state legislators want to curtail some of the tax credits cities use as tools for development like the historic tax credit.
EDC says redevelopment pipeline is all but frozen
In his report to the EDC board, Kaczmarek said the redevelopment project pipeline was all but frozen, not just at his place, but throughout all City Hall departments and agencies. Of course, the national economic downturn and accompanying credit meltdown have been huge factors....
“The TIF pipeline has turned into a vacuum,” he said.
The only development activity Gonzalez could cite was the City Council’s recent decision to extend a 1999 TIF agreement on the historic Savoy Hotel to give a new developer a chance to pursue a $25 million redevelopment plan for the downtown landmark.
There was one upbeat note. Kaczmarek said there were 63 projects in the new business pipeline at the EDC. Those aren’t done deals, just active discussions....
EDC says redevelopment pipeline is all but frozen
In his report to the EDC board, Kaczmarek said the redevelopment project pipeline was all but frozen, not just at his place, but throughout all City Hall departments and agencies. Of course, the national economic downturn and accompanying credit meltdown have been huge factors....
“The TIF pipeline has turned into a vacuum,” he said.
The only development activity Gonzalez could cite was the City Council’s recent decision to extend a 1999 TIF agreement on the historic Savoy Hotel to give a new developer a chance to pursue a $25 million redevelopment plan for the downtown landmark.
There was one upbeat note. Kaczmarek said there were 63 projects in the new business pipeline at the EDC. Those aren’t done deals, just active discussions....