College Hill Redevelopment Project - January 6, 2006
Letter to the Editor - Topeka Metro News
Simply Isn't Feasible
A review of the feasibility study for the College Hill Redevelopment Project confirms that Vic Miller's concerns with making the project TIF eligible are justified. The taxpayers are being asked to provide to the developers a $5 million dollar loan secured with $2 million of property and a lot of hopes and dreams.
Justified in large part by new residential demand driven by Washburn University students, the study doesn't address the fact that vacant apartments currently surround the campus in spite of a modest rental rate of approximately $400 for a 1-bedroom unit. The new development proposes to offer 1-bedroom apartments at $595. Nor does the study take into account that fall 2005 occupancy of the new Living Learning Center residence hall at Washburn University fell 4 percent short of projected figures. Furthermore, it is difficult to imagine who is targeted to purchase the 26 condos in this area at a cost of $175,000 per unit.
The College Hill area does need some improvement. Perhaps it could be started with the city enforcing building codes that would require the speculative investors to maintain the property that they recently purchased. The Chamber of Commerce should be supporting the small businesses that are operating in this area by questioning the stated intent in the College Hill Redevelopment Project feasibility study to "attract regional or national tenants to replace local retailers" in order to meet the projected revenues required to support this project.
This taxpayer is tired of spending the extra sales tax penny for economic development and then being asked to contribute again with TIF bonds. It seems politicians and developers make strange bedfellows and ultimately it is the taxpayer that gets screwed. The Shawnee County Board of Commissioners should not approve the TIF district for this project. It simply isn't feasible.
Mary Lou Herring