Charles Jaco on Ballpark Village
Fox 2 News reporter Charles Jaco will be doing a piece on Ballpark Village during their 6pm news tonight. I was asked to give my urban perspective on the project. At issue is the developer seeking a TIF (Tax Increment Financing) for the project and the city saying no.
On a side note, the cameraman was a neighbor of mine back in the early 90’s when I lived on Sullivan in Old North St. Louis. It was nice to reminisce at bit.
[UPDATE 5/24/06 @ 5pm – I got a call a bit ago letting me know that due to some developing stories his time for this piece was cut — and so was I. It happens, I’ll live. In fact, he said the story may get bumped altogether for tonight’s 6pm broadcast.]
– Steve
The city has already said to “no” to a TIF for Ballpark Village?
Was there ever a formal request?
Or is this more along the lines of a “preemptive denial”??
If BV happens without a TIF, chalk up another major success to the leaders in City Hall.
They should say no. The stadium already has tax abatement.
Watching the news tonight, i do have to conclude that the live report on American Idol is of significantly greater importance than a story about local issues and urban perspectives.
My question is, is the city renigging on it’s part in helping BPV get off the ground? I sincerely hope that this ‘problem’ is resolved expeditiously, so the project can go forward. Do other cities have this kind of problem(s) when it comes to construction of major projects like the BVP? It’s very frustrating to see this happen.
Goddamn I hate amercican idol.
If the project makes sense financially, there’s no reason for the City to be involved. And if it doesn’t, there’s even more reason for the City not to be involved.
Developers, by definition, take calculated risks in anticipation of financial rewards. If another entity is willing to share in the financial risk, so much the better. Unfortunately, when the risks are reduced (through sharing), the pro forma gets skewed and stuff gets built that’s marginal financially. Bottom line, it’s all about risk and reward. It’s not a game for the naive or novices, and most cities fall into that category.
A developer needs to be dispassionate when it comes to evaluating the financial potential of any project. Most cities, and especially their elected officials, lack the ability to analyze a project realistically. There’s too much optimism and too much of a desire to do something, anything to “improve” the tax base. The developer’s job is to “paint a pretty picture”, and too many times the city buys the promise, not the reality.
I give St. Louis officials credit for driving a hard bargain. It’s easy to be fooled, and while I want the project to be successful, I’ve yet to see a project where the public gains more than a developer does. There’s no reason for the BPV not to succeed at some level. I’d rather let market forces take their course than to build a flashier project (with public subsidies) that can’t be self-sustaining for decades (see Union Station).
At this point – and on this, I think even Barb Geisman will agree – it’s about time to start reducing the city-offered incentives for development in downtown and most of the central corridor.
5-year tax abatement is fine. But reserve your TIFs and 15-year tax abatement for Northside and Southside (mostly east of Kingshighway) projects that generate jobs and new residents in those areas.
And assuming the MO Lege doesn’t screw us, there’s always the various tax credit programs.
If only we could get the aldermen to go along. Cutting back on our addiction to tax abatement would go a long way toward balancing the budgets of the City, Public Schools, Public Library, and other entities that rely heavily on property tax revenues.
f— Jaco! somebody should take him out! he’s nothing but a mouth piece for the Obama Administration. Shame on Fox 2 for passing him off as a real journalist
Jaco is an experienced journalist and I know him to be quite balanced… what’s the problem?
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