Small investment for big time results
Growing up in Wheaton has given me great memories, including when my mom used to drop my girlfriends and me at the Wheaton Grand Theater to take in a show. In 2010, Suburban Bank and Trust took ownership of the building and many people were worried about what that might mean. I was asked to attend a meeting to discuss the future of the theater.
What I have learned is this building can be a real impetus for economic growth in Wheaton. It is one of our best opportunities right now to bring sales and real estate revenue to Wheaton. The main thing that I think people do not understand is that from 1993-Present, the city’s total contribution to all TIF-related projects is $12 million, whereas the total private investment to those same projects is $81 million.
The TIF-related projects include, but are not limited to: Waterford Place Condos, Wesley Square Condos, First Trust Building. None of them would have happened without city / TIF assistance, and it’s hard to imagine what downtown would look like without them.
With the theater, it is easy to focus on only one side of the equation at this point (the $150,000 per year), because that is the only “known quantity.” However, as history has shown, this will be only a minor investment when compared to the much larger, private one that will occur as a result — invest $1 and get back $6.75. If we don’t put-up $150,000 per year, nothing will happen and we’ll end up with the proverbial pile of dirt. Vote yes on Tuesday.
Laurie Swanson Oberhelman
Wheaton