The city of Topeka will create a tax-increment financing district to encourage economic growth in the area of S.W. 37th and Topeka Boulevard.
City council members voted 8-1 Tuesday evening to create the district. Councilman Jack Woelfel dissented, saying he had unanswered questions about the move and couldn’t support it until they had been addressed to his satisfaction. Woelfel made a motion to postpone action on the measure for two weeks, but it died for a lack of a second.
Deputy city manager Randy Speaker said Tuesday’s action doesn’t commit the city to spending any money or issuing any bonds but clears the way for developers to approach the city with proposals for TIF projects in the area involved.
I like the idea of TIF districts as an economic development tool. They allow local governments to be involved in improving areas of town that need it, while limiting the costs to average taxpayers. And the part of town involved here sure could use some improvement.
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