Emily McFarland, City of Whitewater Interim Economic Development Director, will be presenting two housing related reports to the Community Development Authority Board of Directors meeting on Thursday, July 17 at 5:30 p.m. The reports are titled Housing Strategy Update and Presentation Stonehaven Development.
Andrea Svec submitted the following announcement to The Whitewater Banner on behalf of Common Sense Citizens. The Banner does not have a position on this matter.
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No more subsidized apartments in Whitewater!
Let YOUR voice be heard on Thursday, July 17th at 5:30 p.m. at the City Development Authority meeting!
Do you want MORE apartments in Whitewater? How about paying for those apartments with a tax increase brought on by TIF subsidies over the next 17 years?
The City of Whitewater is pushing for more high and medium density apartments to be built in Whitewater. As an incentive to the builders, our city is pushing to use Tax Increment Financing (TIF). The City of Whitewater is trying to award TIF subsidies at more than 20.9% and as high as 24.7% of the assessed project value to the developers. Surrounding communities such as Elkhorn and Waterford are paying developers between 7-12.5% subsidies. The estimated subsidy total for TIF approved Whitewater housing and apartment projects is approximately $23,339,589.00.
If an apartment developer would like to build in Whitewater – why does Whitewater have to subsidize at those rates? The developer has little to no skin in the game because if no one wants to rent those apartments at the rates suggested – the government could subsidize those apartment rents through section 8 and 42 housing programs. If a builder thinks his apartments will be filled – there is no reason for the taxpayer to entice him with money to build those apartments.
Things to consider:
– There could be tax increases for all residents. A city resident with a home valued at $300,000 could easily reach an additional $235 in taxes per year. Another levy for a new grade school could result in an increase of an estimated $207 per year affecting citizens in the City as well as the Town of Whitewater
– TIF dollars have traditionally been used to bring in business. Whitewater needs more jobs. Bring in the business. New citizens will follow
– Whitewater is already 70% rental – one of the highest rental communities in Wisconsin. We should be focusing on new and existing residential structures for families
– TIF dollars can be used for blight to help restore existing structures in our neighborhood
– Emergency and City services could be strained resulting in additional fees and taxes to accommodate the increased citizen needs
The Whitewater Common Sense Citizens (www.wwcsc.org) group and others are fighting for lower taxes and for a housing development strategy that makes sense for ALL citizens. We need your help. Please support our efforts by joining us at City Hall on Thursday, July 17th at 5:30 p.m.. You can find more information about the meeting here.
