8. 21-614 A Public Hearing to Consider expanding the Southbridge Development District and establish a Tax Increment Financing District for housing development south of Lincoln, in an area being platted as Kraewood.
I write against the TIF funding for the Kraewood project.
TIF funding was originally intended to aid the development of blighted properties. The Paulson property is not blighted; I'm sure the Paulsons could sell it to any number of parties.
The developers argue that they deserve TIF funding because they are providing affordable housing. The rental rates they have suggested are NOT affordable; neither are they the lowest rates in town. Northfield DOES need affordable housing; but just being a rental does not equal affordability.
If the developers cannot finance their project without TIF funding, then they should scale it back to something they can afford without taking advantage of Northfield's taxpayers. Thank you.
Dear councilors,
I write against the TIF funding for the Kraewood project.
TIF funding was originally intended to aid the development of blighted properties. The Paulson property is not blighted; I'm sure the Paulsons could sell it to any number of parties.
The developers argue that they deserve TIF funding because they are providing affordable housing. The rental rates they have suggested are NOT affordable; neither are they the lowest rates in town. Northfield DOES need affordable housing; but just being a rental does not equal affordability.
If the developers cannot finance their project without TIF funding, then they should scale it back to something they can afford without taking advantage of Northfield's taxpayers. Thank you.