Last year, California Governor Jerry Brown persuaded the state legislature to shut down redevelopment districts whose use of tax-increment financing was eating into school and other local budgets and, by turn, into the state budget which was forced to make up for school losses to redevelopment. This year, the legislature has quietly been sneaking TIF back into the law.
Recall that TIF works by capturing all the growth in tax collections–whether that growth is due to new development or simply to inflation–and using that money to subsidize developers. Schools and other property-tax funded agencies lose because their costs increase, but their revenues within the TIF districts do not.
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Fortunately, at least a few writers are urging Brown to veto any bill that comes out of the legislature. I hope he does.
Taking money from schools. Not that I support TIF, but maybe they should take money from schools. You know there is a correlation between per student spending and student performance. A negative one. California is 47th in Science education alone. They have a problem with high per student spending. They’re lower now but still pretty high.
If they exempt school from TIF, aren’t they admitting that the TIF induced development imposes increased costs on taxpayers? So doesn’t that undercut the whole theory of TIF?
In other words, redevelopment districts would still be able to steal money from fire districts, water districts, sewer districts, and other property-tax dependent entities, but not from schools.
Not if the water and sewer districts are separate from local government (in the form of a public or private utility), so that the politicians are not directly in control of the water/sewer budget – and thus unable to grant residents of favored projects some type of discounted water service.