My fair community is interested in establishing a Downtown Development Authority for an old, struggling commercial area. My question is whether or not this is a good time to establish an authority because of what is happening with property values.
It could be good because the market may have hit bottom and there's no where to go but up.
On the other hand, if the TIFA is established and the market continues to decline, we could have wasted our time because it will take however many years for there to be any measurable property taxes to capture.
I'm thinking that it may be better to wait until we have a better understanding of where the bottom may be for property values.