The Monona Rag had the pleasure of interviewing new Assistant Mayor Smithers with regard to the $2.55 million TIF proposal for the new Meriter facility on Broadway Drive.
Rag: Tell me the details of the proposed TIF district at the corner of Stoughton and Broadway.
Smithers: We’re very excited. We are talking about a slick new health clinic bringing jobs and money to Monona.
Rag: But this is a TIF proposal we are talking about – the city providing $2.55 million to the developer to get this done. Correct?
Smithers: Ummm. Yes. That is correct.
Rag: What are the dangers of the TIF proposal?
Smithers: We really don’t see a downside. It’s jobs, jobs and smiling babies as far as we can see.
Rag: There are no downsides?
Smithers: According the Herald Independent there are no downsides. This will be one slick deal.
Rag: But the city is borrowing $2.55 million to give to the developer/proprietor through the assumption that the property value increases after the development is completed?
Smithers: Sure.
Rag: What if the property values goes down?
Smithers: Over time property values always go up.
Rag: Unless they go down.
Smithers: That would be unusual and is very rare.
Rag: Have you gotten the latest assessment for your house?
Smithers. (silence)
Rag: What if Meriterr or the developer encounters major financial difficulties?
Smithers: In this economic climate it’s unlikely a large company would fail. You don’t see banks fail, do you?
Rag: Umm…. we’ll move past that. What are the implications if Meriter is sold to a large corporation – such as a Aurora?
Smithers: Good question.
Rag: And the answer?
Smithers: Good question.
Rag: Where can I actually find financial details on how this TIF deal works?
Smithers: Ummm…. what’s the URL to Monona Doug’s blog.
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