Georgetown University
Would a TIF Make Sense for Georgetown Park?
Photo by Mr. T in DC.
Buried halfway through this week’s Current, the paper ran an article reporting that both Mayor Vincent Gray and Council Chair Kwame Brown believe it might be a good idea to use tax incremental financing to lure a high end tenant to the mall.
Tax incremental financing (or “TIF”) is a process whereby the city issues bonds to raise money for a particular project. Typically this involves giving the funds to a private developer. A portion of the taxes from the project that gets funded by the financing are directed towards paying off the bonds. The idea is that the city will take the taxes that arise from the incremental increase in property and/or sales taxes from the now improved property to pay back the money.
The city has used TIFs in the past. For instance, the city used a $74 million TIF to help the Gallery Place development along. It used a $46 million TIF for the Madarin Oriental hotel. And it used a $7 million TIF for the Spy Museum. Each of these projects was successful and they even paid off the bonds ahead of schedule.
But TIFs only work when there’s an increment to be found. In other words, they work when they’re used in areas that will likely see a big improvement from the public investment. If there’s no increment, then the only way to pay off the bonds is to cut into the taxes that would arise from the property without the public financing. In that case all you’ve really done is give free public money to a private developer. Continue reading
Filed under Development
The Morning Metropolitan
Photo by Bsivad.
Good morning Georgetown, here’s the latest:
- Apparently the DMV will return to the mall once the construction’s done.
- Georgetown canal boatman brawl results in murder, in 1886.
Filed under The Morning Metropolitan
Now and a Long Time Ago: C and O Canal
This week on Now and a Long Time Ago, GM stops by the C & O Canal at Wisconsin Ave. The old photo is labeled by the Library of Congress as being taken somewhere between 1890 and 1940. Given the industrial scene, GM is going to guess the shot was taken on the earlier end of that time frame.
Also, the photo is labeled “C & O Canal from Wisconsin Ave.”. But it doesn’t really look that much like the view from Wisconsin Ave. in either direction. GM guessed that if it’s either one, it’s the east side, so that’s what he matched it up with. Anyone have a better guess?
Filed under Uncategorized
The Morning Metropolitan
Photo by Byron Peebles.
Good morning Georgetown, here’s the latest:
- First review of new macaroon shop.
- Mike Isabella hopes to lead “a movement back to Georgetown“.
Filed under The Morning Metropolitan
ANC Preview: Hyde Gym Edition
The ANC will meet next Monday for its June session. It will take place at its normal place and time: Visitation at 6:00 pm.
Two potentially interesting items are near the top of the agenda, both relating to schools.
First, the ANC will discuss the plans to add a new addition to Hyde-Addison. Right now, the kids take most of their gym classes on the playground. The kids really enjoy this, but when the weather is too cold or wet to go outside, they only have a hallway in which to play.
Plans have been gestating for a while in the school to add a new building to the complex to finally provide a gym. The most likely plan would call for the new building to be built where the parking lot is now. Parking would be moved underground.
GM has learned that there’s actually money in place for this project and it could be underway relatively soon. Anyone who has seen the beautiful additions to schools like Janney and Stoddert has reason to be hopeful that the Hyde addition would be a wonderful addition to the school and drive up local interest even more.
On the other end of the school spectrum, the ANC will also be giving an update on the GU campus plan. As they announced a while back, the ANC and other parties to the Zoning Hearing are in mediation right now trying to come up with a negotiated settlement. GM doubts the ANC will have any earth-shattering announcement, but you may be able to read the tea leaves.
Here is the rest of the agenda: Continue reading
Filed under ANC
The Morning Metropolitan
Photo by Bsivad.
Good morning Georgetown, here’s the latest:
- Heritage India Georgetown is not remotely in Georgetown.
- If you were wondering what that food-truck-that-actually-sells-clothes that was parked by PNC bank last weekend is, this is what.
Filed under The Morning Metropolitan
The Morning Metropolitan
Photo by Trevor Huxham.
Good morning Georgetown, here’s the latest:
- Brookings discovers what we already knew: Georgetown is very walkable.
- Betsey Johnson to close.
Filed under The Morning Metropolitan
The Georgetown Metropolitan 
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