December 10, 1991 |
City Council's committee on finance canceled a public hearing that had been scheduled for yesterday on a bill that would make it easier for the owners of Franklin Mills shopping mall to finance a large portion of a planned $25 million expansion. The proposed bill would allow the mall developers to use a financing tool called "tax-increment financing" - or TIF - in the plan to increase the mall's size to 1.8 million square feet of retail space. With TIF, the city would sell bonds to help pay for public improvements such as roads, water and sewer lines, and other expenses.
September 13, 1991 |
The owner of Franklin Mills wants to build a major, $25 million addition and help finance it with bond money that would be repaid out of the mall's increased property taxes. Called "tax-increment financing," - TIF, for short - this is a special financing tool never used before in Pennsylvania, although it is popular in other states, such as California, Texas and Illinois. Western Development Corp., the Washington developer of the mall, said it would be hard-pressed to go forward with the project without a TIF because private financing was so hard to get. "In today's real estate financing market, it's very unlikely," said Tim Hindert, vice president of planning for Western Development.
August 2, 2009 |
Supporters of an economic-development tool signed into law by Gov. Corzine last week say it will kick-start construction projects and create much-needed jobs. But critics argue the Economic Redevelopment and Growth Grant will drain untold millions in tax revenue from local and state governments to line developers' pockets. The program, a form of tax-increment financing, allows developers to receive a share of the new tax revenue generated by their malls, hotels, offices, and other projects.
April 28, 2000 |
Two weeks ago, when City Councilman Frank DiCicco declined to introduce legislation for a tax break for actor Will Smith's proposed movie soundstage complex, people close to the deal feared a long delay. DiCicco said at the time that with state laws requiring public hearings and a 30-day waiting period for all tax increment financing measures, April 13 was the last possible day the proposal could be introduced and voted on before the City Council's summer recess. But, the next two weeks not only managed to assuage DiCicco's concerns about finances for the Broad Street and Washington Avenue project, which triggered the delay in the first place.
April 24, 1998 |
The area may not have fancy lightposts like the Avenue of the Arts south of City Hall, but with Billie Holliday's name and the promise of blues, jazz and fine dining, developers are hoping to turn a 1.7-acre tract at 16th Street and Cecil B. Moore Avenue in North Philadelphia into a tourist destination. "It's going to be a wonderful place," says Akilah Ali, associate director at the Cecil B. Moore Avenue Community Development Corp., which is developing the $6.3 million project.
December 10, 1998 |
Several City Council members and some school board members have complained that the tax breaks the Rendell administration grants to private developments are shortchanging the schools. At a committee meeting yesterday, Councilman Michael Nutter attached an amendment to a tax-break offering to a West Philadelphia commercial development that requires the city to pay the School District for taxes it might be losing. At issue is "tax increment financing," (TIF) a practice in which the city forgoes the increased property taxes that would be collected on a designated development for 20 years, using the revenues to repay a construction loan to get the project going.
November 25, 2003
AS OF today, the $6.4 million tax break for the Boyd Theater requested by Mayor Street's campaign contributor Kenneth Goldenberg is probably dead in the water, since the School Reform Commission, which is required to act on it when Council hearings resume tomorrow, hasn't even scheduled a meeting. All we can say, is "Good. " And not because we're opposed to all tax increment financing (TIFs), which Goldenberg and his partner, Clear Channel Entertainment, are requesting. In fact, of the nine active TIF projects in the city, the city isn't losing a dime on any of them.
November 13, 2003 |
Pittsburgh's current financial woes should be a wake-up call for Philadelphia's residents and leaders ("Debt pushes Pittsburgh to the brink," Nov. 7). Pittsburgh's problems have been spawned by misguided fiscal policies that direct huge amounts of tax dollars to new professional sports stadiums, hoping that they will generate local economic development that will increase future tax revenues and let the ballparks "pay for themselves. " Research on this topic has consistently shown that new stadiums do not create economic windfalls, yet politicians continue to claim otherwise and push their cities toward financial ruin in order to construct new sports palaces.
November 8, 2013 |
CENTER CITY could soon see the addition of two new high-end hotels. A City Council committee yesterday paved the way for a controversial $33 million tax break for the hopeful developer, Brook Lenfest's Chestlen Development, who wants to put a W Hotel and an Element on the parking lot at 15th and Chestnut streets. Supporters say the 700-room project would help the struggling Pennsylvania Convention Center, which reports having issues booking two shows at the same time due to a lack of hotel rooms in Center City.
November 24, 1997 |
Walk along Walnut and Chestnut streets east of Broad, and you'll notice many of the older buildings have been emptied out or mothballed. Critics say the city must do more to convert these structures into apartments or smaller offices, restoring life to the buildings and preserving the historic fabric of Center City. In July, City Council passed legislation that provides for a 10-year property-tax abatement to owners for such conversions. None is yet under way, although the city has received several applications.