By Antonio D. French
Filed Wednesday, January 25 at 10:04 AM
Martin Van Der Werf, of the Post-Dispatch, did an interview with Comptroller Darlene Green last week, in which the city's chief financial officer outlined why she thinks the mayor is wrong on the need to ask developers to pay their fair share into city schools. (The story was kind of buried on the Post's website, but here's a link.)
"The TIF for residential development is the one I'm most concerned about," Green said. "Developers are receiving 100 percent of the residential TIF right now - 100 percent. And if we were to look at that and say it's time to change that and give 50 percent to the developers and take 50 percent away from the developers, then we would have a more mutual benefit for the city and the schools."
"I look at this as a prime time to do that. Looking at the residential TIFs on our books right now, if we split the TIF, we would get $66 million over 23 years. That's roughly $2 million a year that would go to the schools. ... And about $950,000 annually would come to the city."
"The mayor's not in step with my opinion, but I believe, over time, that we will come together on this."
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