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Tax Increment Financing

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BUSINESS
December 10, 1991 | by Valerie M. Russ, Daily News Staff Writer
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.
NEWS
September 13, 1991 | By Jennifer Lin, Inquirer Staff Writer
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.
NEWS
August 2, 2009 | By Adrienne Lu INQUIRER TRENTON BUREAU
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.
NEWS
April 28, 2000 | by Erin Einhorn , Daily News Staff Writer
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.
NEWS
April 24, 1998 | by Mark McDonald, Daily News Staff Writer
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.
NEWS
December 10, 1998 | by Dave Davies, Daily News Staff Writer
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.
NEWS
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.
NEWS
November 13, 2003 | By Rick Eckstein and Kevin Delaney
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.
NEWS
November 8, 2013 | BY SEAN COLLINS WALSH, Daily News Staff Writer walshSE@phillynews.com, 215-854-4172
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.
BUSINESS
November 24, 1997 | by Michael Hinkelman, Daily News Staff Writer
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.
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NEWS
November 8, 2013 | BY SEAN COLLINS WALSH, Daily News Staff Writer walshSE@phillynews.com, 215-854-4172
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.
NEWS
July 25, 2013
By Brett Mandel The Actual Value Initiative is a reality for Philadelphia. It is not just good to have accurate values for real estate taxation, it is great to open up a world of possibilities to move Philadelphia forward. Basing real estate taxes on a real measure of property value - for the first time in the lives of most Philadelphians - is a big deal. Now, we can put it to best use. Fair's Fair: Accurate values should mean fairness, so properties with similar values should have similar assessments.
NEWS
August 2, 2009 | By Adrienne Lu INQUIRER TRENTON BUREAU
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.
NEWS
July 20, 2005 | By Reid Kanaley INQUIRER STAFF WRITER
Marc Hargraves, jolted into action by a surprise move of the Coatesville Area school board, was scrambling yesterday. The director of marketing for Chetty Builders, of Kennett Square, worked his phone to line up a mobile sales office and a billboard. Both will be parked in downtown Coatesville in the coming weeks to promote Chetty's proposed 270-unit condominium project at Third Avenue and East Lincoln Highway. The school board on Monday abruptly agreed to steer a portion of future tax revenue, over a 20-year period, toward repayment of $11 million in loans to support the Chetty project and two others in Coatesville's unprecedented revitalization plan.
NEWS
July 13, 2005 | By Reid Kanaley INQUIRER STAFF WRITER
A Coatesville plan to divert $11.2 million in future tax revenue to build roads, parking and other improvements appears to be in trouble. The plan - part of a huge revitalization effort for the struggling steel town in western Chester County - would require approval by the Coatesville Area School Board, but the board's finance committee voted Monday to back only $3.8 million of the program. The full board is set to discuss the Tax Increment Financing - or TIF - proposal at its meeting on Monday.
NEWS
February 10, 2005 | By Reid Kanaley INQUIRER STAFF WRITER
Coatesville has awarded a contract to demolish three vacant downtown storefronts, making way for new shops and 32 apartments, city officials said yesterday. The demolition, in the 100 block of East Lincoln Highway, could begin within days, City Manger Paul G. Janssen Jr. said. It will be the second demolition in the small city's central business district as part of Coatesville's highly anticipated redevelopment plan. The first, wrapping up this week, was the dismantling of the old G.O. Carlson steel plant just west of the Brandywine Creek.
BUSINESS
March 31, 2004 | By Henry J. Holcomb INQUIRER STAFF WRITER
City Council gave preliminary approval yesterday to loans and grants that proponents said were needed to keep Ace Ltd. and its 1,000-plus insurance jobs in Philadelphia. The measure was approved after a two-hour public hearing. Council members challenged whether such tax breaks and public assistance, valued at $21.5 million, were appropriate. Some questioned whether Ace, one of the nation's largest property and casualty insurance carriers, had enough minority employees. The debate is the precursor of an anticipated battle this spring over a larger package of incentives proposed to help build a new Center City skyscraper for Comcast Corp.
NEWS
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.
NEWS
November 13, 2003 | By Rick Eckstein and Kevin Delaney
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.
NEWS
December 15, 2000
The city rep replies: TIFs are NOT a giveaway I take strong issue with your editorial (Dec. 7). You characterize Tax Increment Financing (TIF) as a giveaway, but it has been one of the city's most effective tools in combating declining population, continuing job loss and burdensome taxes. Several facts: TIFs are not an entitlement to developers. The Street administration invokes a strict "but for" test in evaluating potential projects. We must be convinced a project is worthwhile and could not proceed without TIF financing.
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