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Letter: How will TIF for Wells Fargo project benefit taxpayers?

August 12, 2018

In the Heard on the Street column on Aug. 4 regarding the sale of the Wells Fargo building for $14.92 million, it was reported that a $26 million dollar facelift was planned for the building. It was also reported that the Rochester City Council “gave the green light to provide Ryan Cos. $2.4 million in tax increment financing rebates to support the project.”

According to the article, “When asked to explain the benefit of the project to Rochester taxpayers, Julie Sogla of Ryan Cos. stated that without the TIF, ‘the numbers don’t work.’”

Ryan Cos., how will spending $26 million on a facelift to the building benefit Rochester taxpayers -- now, and not at some point in the future -- with an increase in property tax paid?

Michael Pagelkopf

Rochester

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