TIF is mess I feared it would be
To the editor: Barrington's Pizzeria Venti is a hard lesson in tax increment financing.
Or perhaps we should change that to "Some fools and YOUR money are soon parted." I remember when Trustees Hunt, Daluga, Raseman and then-Trustee Darch all voted to give an economic incentive (basically a $35,000 handout) to Pizzeria Venti and I voted against it.
As usual the discussion was, "Well something has to be done." Here it is less than three years later and Pizzeria Venti is gone and so are YOUR tax dollars.
See, the board members thought that by throwing money at a problem, it would go away or magically somehow get better. Keep in mind that this $35,000 handout would require that Pizzeria Venti generate at least $3.5 million in sales revenue to pay back this handout, then called a grant. I wonder if they sold that many pizzas in their short tenure in the village. Then again, maybe that is why they left because they did not sell enough pizzas.
I'm sure some of the board members will say that I do not know what I'm talking about -- but I did not give away YOUR $35,000 in tax dollars.
Take a look around, my fellow residents. Do you see any new businesses coming into Barrington? Do you see any new faces, any real gathering places for you, your children or family? I don't! What I see is a considerable amount of space available for lease.
Economic incentives have not worked in the 7 years the village has had a tax increment financing district. Why should anyone believe that without high density housing like Arlington Heights, it will remotely work in Barrington?
Oh, for the record, Arlington Heights has attempted to extend the life of its TIF district by 12 more years. I wonder why they need that much more time to collect the taxes? Maybe to pay back the bond money they borrowed?
To quote Albert Einstein regarding politics such as this: "It means surrendering leadership to the blind and irresponsible. Does not a lack of sense and responsibility lie behind this?"
Ultimately, the responsibility is the voters of the community. Remember, you get what you voted for.
Marshall S. Reagle
Barrington