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<br />John Hoal with H3 Studio stated that Matt Wetli with Development Strategies prepared the <br />economic assessment and H3 Studio developed the costs associated with the proposals. Mr. <br />Hoal added that depending on the funding sources chosen, one would be able to achieve a certain <br />amount of infrastructure components. He stated that the plan did not address dealing with <br />delayed maintenance but only with significant new infrastructure components, for example, <br />extending Enright for a new entrance. In Option A, they tried to match the neighborhood <br />infrastructure to be put in place with the cost. <br /> <br />Matt Wetli with Development Strategies referenced Page 5, parts a, b, and c. <br /> <br />Area A is the heart of neighborhood and the funding sources here could be from Tax Increment <br />Financing (TIF). TIF is an incremental increase in property values brought on by renovations to <br />existing housing and some proposed infill housing. The funding source being utilized in that <br />area would be by TIF money. <br /> <br />In Area B, a combination of funding sources could be utilized. For example, the Market Study <br />showed potential for condominium development. TIF could be utilized here. Along The Loop <br />where there are opportunities for new retail storefronts, Community Improvement Districts <br />(CID) could be put in place which is basically a self-imposed sales tax or increase in sales tax. <br />Those are the primary funding sources; TIF and special assessments such as Transportation <br />Development Districts (TDD) and CIDs. <br /> <br />Ms. Greening asked if a TIF meant an increase in property taxes. Mr. Wetli stated it did not. It <br />captures more of the existing property taxes. Currently taxes go to several places, this allows <br />capturing taxes paid. There is no tax increase to residents, just capturing more taxes currently <br />paid. <br /> <br />Ms. Greening asked if it would come to a vote. Mr. Wetli stated that property owners would <br />have to approve it. <br /> <br />Ms. Felton asked how far west the study area extends and if it included the parking lot behind <br />Ciceros. <br /> <br />Mr. Hoal stated they kept the residential and commercial areas separate. <br /> <br />Ms. Greening asked if the plan would not happen without votes. <br /> <br />Mr. Hoal stated they just wanted to address the options for funding, if this range were selected, <br />etc. <br /> <br />Ms. Moran stated that the Parkview Gardens Plan was a plan and as such, a vision to be used as a <br />tool and guideline for future decisions in this area. It is not an architectural drawing and would <br />not necessarily be built. As a plan, it is like a budget and as we move forward, and as <br />circumstances change it could be refined and tweaked to meet those circumstances. <br /> <br />tm; šE  <br /> <br />