This map shows the 80-block section of Downtown to be included in a proposed Tax Increment Financing District, or TIF. Increased earnings from real estate taxes within the district would be used to pay off $330 million in borrowing for a new Coliseum and other public projects. The proposed boundaries for the TIF district are the Downtown Expressway, 1st Street, Interstate 95 and 10th Street. The blue-color blocks represent sites where the new Coliseum, a new convention hotel, restaurants, office buildings and new apartments would be built.
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Moving on up or out? Mayor Stoney submits to City Council $1.5B Coliseum replacement and Downtown development plan
Five months ago, Mayor Levar M. Stoney was singing the revenue blues as he introduced his latest budget. He told city residents that revenue was growing too slowly to keep up with the overwhelming demand for resources, and without a major increase in the property tax, the city couldn’t adequately address major challenges ranging from fixing city streets to funding public education and replacing worn-out police cars and fire trucks. Mayor Stoney now has changed his tune as he introduces his long-awaited grand development plan for Downtown.
